Four US Senators Propose Bipartisan Bill to Enforce Sanctions on Digital Assets Used by Terrorist Organizations

A new bipartisan bill has been proposed by four US Senators to enforce sanctions against foreign parties that transact with terrorist organizations. The bill aims to crack down on the funding of terrorist groups such as Hamas by expanding sanctions to cover all US-designated Foreign Terrorist Organizations (FTOs). Actors identified as FTOs will either have restricted access to their US bank accounts or be unable to transact crypto assets to people in the US. The bill has been introduced in response to the recent attacks on Israel perpetrated by Hamas, which have made it more urgent and necessary for the US to counter the role that cryptocurrency plays in the financing of terrorism.