U.S. Senator Elizabeth Warren of Massachusetts has urged the Biden administration to address Iran’s foray into cryptocurrency mining, with the country leveraging its lucrative Bitcoin business to evade international sanctions.
In a letter sent Wednesday to the Treasury and Defense secretaries and National Security Advisor Jake Sullian, Warren argued that Iran’s cryptocurrency business poses a “direct threat to national security,” The Hill reported. As a result, one of the Senate’s most outspoken cryptocurrency critics has called on the administration to explain Iran’s reliance on cryptocurrency mining. Mitigating problems “to generate revenue and circumvent sanctions.”
“Iran has raised millions of dollars through cryptocurrency mining. It is a steady source of revenue that purchases imported goods, moves funds domestically and internationally, and funds Hamas and other terrorist organizations,” the lawmakers said in a letter Wednesday.
Warren has often warned U.S. officials about the risks posed by global cryptocurrency adoption. She also urged lawmakers this week to take action to defy international action against Russia’s appropriation of cryptocurrency.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.