US Senator asks DOJ to contemplate prison expenses towards Binance and Tether

• US Senator Cynthia Lummis asks the Division of Justice (DOJ) to criminally cost crypto change Binance and USDT issuer Tether.
• Lummis cites the 2 corporations’ position in aiding illicit fundraising for terror.
• Blockchain safety and analytics agency Elliptic says a WSJ report “misrepresented” information.

The US Division of Justice ought to end its investigation and contemplate prison expenses towards crypto change Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says.

Senator Cynthia Lummis (R-WY), notes in a publish on X at the moment that she had despatched a letter to the DOJ with a view of getting the Justice Division cost the 2 crypto corporations for being “intermediaries” in reported illicit financing of Hamas.

On the subject of illicit finance, crypto just isn’t the enemy – unhealthy actors are.

I despatched a letter asking DOJ to complete its investigation and contemplate prison expenses towards Binance and Tether after experiences they served as intermediaries for Hamas and engaged in illicit actions. pic.twitter.com/M3KGNFkpWc

— Senator Cynthia Lummis (@SenLummis) October 26, 2023

The letter, co-signed by Consultant French Hill, Chair Subcommittee, Home Monetary Companies, is a part of a wider response to a current Wall Road Journal report. The allegations within the report noticed a number of lawmakers imagine Hamas had raised tens of millions of {dollars} in crypto funding earlier than its assaults on Israel earlier this month.

However as blockchain analytics agency Elliptic famous in a weblog publish revealed on October 25, “there isn’t any proof to recommend that crypto fundraising” had resulted within the greater than $130 million raised cited within the Wall Road Journal article.

Elliptic stated its information and that from different platforms “has been misinterpreted.”

Nic Carter, accomplice at Fort Island Ventures, says crypto wants to face up for itself within the wake of the newest regulatory developments. He shared on X:

Make no mistake. Journalists and senators mendacity about crypto financing terrorism and pinning the blame on us is an existential menace. In the event that they win that data warfare there isn’t any restrict to authorities aggression. This can be a battle we have to win. And the reality is on OUR aspect.

— nic 🌠 carter (@nic__carter) October 25, 2023

Brian Armstrong, co-founder and CEO of Coinbase, shares related sentiments and believes one of many steps to getting it proper right here is for the WSJ to subject a retraction or correction.