Senator Cynthia Lummis’s Perspective
U.S. Senator Cynthia Lummis (R-WY) recently addressed the connection between cryptocurrency and terror financing, putting forth a revised viewpoint. She clarified her stance on crypto firms supporting sanctioned groups, stating that the focus should not be solely on cryptocurrencies.
In a tweet, Senator Lummis emphasized that when considering illicit financial activities on a global scale, crypto’s contribution is minimal. She cited a detailed report by Chainalysis, highlighting that crypto assets account for a mere $20 billion, less than 1% of the over $2 trillion associated with various illicit financial activities worldwide.
“Meticulous reporting by Chainalysis found that crypto assets account for just $20 billion, less than 1% of the more than $2 trillion in global illicit finance activity every year,” wrote Lummis.
However, it is essential to note that Senator Lummis’s recent statement comes shortly after she co-signed a letter to US Attorney General Merrick Garland, urging action against Binance, a prominent offshore crypto exchange linked to Hamas terrorists. Over 100 accounts associated with Hamas terrorists have been identified on this platform since 2021.
Additionally, the senator called for investigations into Tether, a stablecoin issuer that she believes has knowingly facilitated violations of applicable sanctions laws.
While advocating for appropriate actions against specific actors within the crypto space, Senator Lummis cautioned against painting all crypto firms with the same non-compliant brush.
