According to a recent report by the Wall Street Journal (WSJ), the U.S. Treasury Department is investigating $165 million worth of cryptocurrency transactions that might have supported Hamas, the Palestinian militant group. Deputy Treasury Secretary Adewale Adeyemo signed a letter revealing these findings based on examining suspicious activity reports submitted between January 2020 and October 2023.
, addressed to the leaders of the Senate Banking and House Financial Services Committees, urged support for legislation to expand the Treasury Department’s oversight authority over crypto transactions. It noted that the $165 million figure might not solely be attributed to crypto or Hamas, as financial institutions may have reported the total value of a customer’s transactions, including both traditional and digital assets, as beingas traditional financial access is cut off. However, he acknowledged that the Treasury Department assesses Hamas and other terrorists’ preference for traditional financial products and service