As a result of the US operation against terrorist groups, a significant amount of cryptocurrency accounts were seized. Two Democratic lawmakers requested detailed information from the Trump administration on the issue.
Two Democratic lawmakers, Josh Gottheimer and Emanuel Cleaver, asked the Trump administration for detailed information on the recent major cryptocurrency operation against terrorist groups.
As will be remembered, about two weeks ago the US Department of Justice; ISIS confiscated some 300 cryptocurrency accounts on the grounds that it was linked to organizations such as Al Qaeda and Al Qassam. The operation, in which millions of dollars worth of accounts were seized, was named by the authorities as the largest crypto operation ever.
However, both Cleaver, chairman of the House of Representatives Financial Services subcommittee, and Gottheimer, a member of this subcommittee, stated that they were not informed about this operation that was completed, from Treasury Secretary Steven Mnuchin and attorney General William Barr.
Two Democrat members made the following statements in their written statement:
“It is vital that members of the National Security, International Development and Monetary Policy subcommittee receive an appropriate briefing on this operation, which has been touted by the Ministry of Justice and the Treasury as the biggest blow to online terrorist financing.”
The two names also stated that the Treasury Department had to evaluate its policies regarding cryptocurrency actors, which could have a detrimental effect on the US financial system:
“This assessment should be made by informing the subcommittee, so it should be decided what measures to take to prevent lawmakers and regulators from using illegal cryptocurrencies and from benefiting terrorist organizations”
Gottheimer also stated that such terrorist organizations are also developing themselves and using tactics that threaten daily life, adding that security measures should also be increased.
Terrorist groups have recently turned to cryptocurrencies as it brings accessibility and privacy to banks and assets. It is also among the information that these groups have recently collected donations with crypto coins, citing the coronavirus pandemic.
Although cryptocurrencies are used by terrorist groups, experts state that fiat money is still the most used asset by these organizations.