Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine) are urging the Biden administration for details on how it’s tackling Iran’s utilization of cryptocurrency mining to bypass sanctions.
In a letter addressed to Defense Secretary Lloyd Austin, Treasury Secretary Janet Yellen, and national security adviser Jake Sullivan, they highlighted Iran’s significant gains from crypto mining, which enables them to conduct financial activities both domestically and internationally, including supporting Hamas and other terrorist groups.
They emphasized that such activities pose a threat to national security. Crypto mining, particularly Bitcoin mining, has been highly profitable for Iran, despite being under extensive U.S. and international sanctions due to its nuclear program.
The senators sought information from the administration regarding Iran’s crypto mining practices, its potential funding of terrorist activities, and the measures being taken to combat this issue.
Additionally, Warren and Senator Roger Marshall (R-Kan.) previously raised concerns about Russia, Iran, and North Korea’s exploitation of cryptocurrency to evade sanctions, with a specific focus on Russia’s use of the stablecoin Tether to acquire weapons for its conflict with Ukraine, despite U.S. sanctions.