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US Cracks Down on Crypto Terror Funding with Bipartisan Bill!

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Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

A group of bipartisan U.S. senators, including Mitt Romney, have introduced legislation to expand sanctions against foreign entities supporting all U.S.-designated terrorist groups, including those using cryptocurrencies. The Terrorist Financing Prevention Act of 2023 aims to prevent foreign terrorist organizations and their financial enablers from accessing U.S. financial institutions by imposing sanctions and strict regulations on their activities. The proposed act broadens current sanctions, initially focused on Hezbollah, to include all U.S.-designated foreign terrorist organizations and their supporting foreign entities. The move comes in response to the recent terrorist attacks on Israel by Hamas, which have raised concerns about the role of cryptocurrencies in financing terrorism.

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