{"id":71588,"date":"2024-02-16T09:13:43","date_gmt":"2024-02-16T13:13:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71588"},"modified":"2024-02-16T09:13:45","modified_gmt":"2024-02-16T13:13:45","slug":"coinbase-clo-urges-treasury-to-correct-crypto-terrorism-data","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-clo-urges-treasury-to-correct-crypto-terrorism-data\/","title":{"rendered":"Coinbase CLO Urges Treasury to Correct Crypto-Terrorism Data"},"content":{"rendered":"\n

Brian Nelson, the U.S. Treasury undersecretary for terrorism and financial intelligence, testified that crypto payments to terrorist groups are minimal and overstated. Coinbase CLO Paul Grewal<\/a> urged the Treasury to correct the record and avoid misinformation.<\/p>\n\n\n\n

\"Coinbase<\/figure>\n\n\n\n

Brian Nelson, the U.S. Treasury undersecretary for terrorism and financial intelligence, testified before the House Financial Services Committee, clarifying the reported ties between crypto payments and terrorist groups. <\/p>\n\n\n\n

Nelson emphasized that the alleged connections were misconstrued, stating that the amount of crypto assets reaching these groups is minimal. He debunked previous data suggesting tens of millions of dollars in crypto were used by Hamas for terrorism, affirming, <\/p>\n\n\n\n

\n

\u201cWe don\u2019t expect the number to be very high.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Representative Tom Emmer\u00a0pressed Nelson on the issue, prompting further clarification regarding the relationship between digital assets and terrorism. Nelson reiterated that terrorists predominantly rely on traditional financial channels for support, highlighting their preference for traditional products and services.<\/p>\n\n\n\n

In response to the Treasury\u2019s statements, Coinbase CLO Paul Grewal emphasized the need for accurate reporting, especially concerning sensitive matters such as terrorism financing. Paul Grewal highlighted the Treasury\u2019s stance that cash remains the primary vehicle for illicit finance, emphasizing the limited use of crypto by Hamas ahead of attacks against Israel.<\/p>\n\n\n\n

\n

When will we see the record corrected @WSJ\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>? 3\/3<\/p>— paulgrewal.eth (@iampaulgrewal) February 15, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Paul Grewal underscored the potential consequences of misinformation surrounding crypto regulation, cautioning against decisions based on inaccurate data. Referencing successful collaboration with Israeli law enforcement, he stressed the importance of correcting the record to prevent misleading interpretations of the regulatory framework for digital assets.<\/p>\n\n\n\n

The call for correction from Paul Grewal highlights the significance of factual reporting in shaping regulatory frameworks for cryptocurrencies. Accurate reporting and correction can help avoid confusion, fear, and bias among the public, policymakers, and regulators regarding the role and impact of crypto in the financial system.<\/p>\n\n\n\n

Congressman French Hill\u2019s affirmation<\/use><\/svg><\/span><\/a> of Undersecretary Nelson\u2019s testimony further underscores the need for accurate reporting and informed decision-making regarding crypto regulation. Hill echoed Nelson\u2019s statements, emphasizing that bad actors prefer traditional finance to digital assets for illicit activities.<\/p>\n\n\n\n

Representative Emmer echoed concerns about legislative decisions being based on inaccurate information and urged the Treasury to correct the record formally. <\/p>\n\n\n\n

Nelson expressed a willingness to collaborate with Congress on enhancing tools and resources to combat illicit finance in virtual asset markets, emphasizing the importance of accurate data in addressing these challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brian Nelson, the U.S. Treasury undersecretary for terrorism and financial intelligence, testified that crypto payments to terrorist groups are minimal and overstated. Coinbase CLO Paul Grewal urged the Treasury to correct the record and avoid misinformation. Brian Nelson, the U.S. Treasury undersecretary for terrorism and financial intelligence, testified before the House Financial Services Committee, clarifying […]<\/p>\n","protected":false},"author":44,"featured_media":71590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[132,1318,18385,17417],"class_list":["post-71588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-hamas","tag-paul-grewal","tag-u-s-treasury"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/Coinbase-CLO-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71588"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71590"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}