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Senator Elizabeth Warren Finds Support in US House For Effort to Tackle Crypto-financed Terrorism

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Today’s Cryptocurrency Headline

U.S. Rep. Sean Casten, D-Ill., said he plans to introduce a bill to strengthen bank secrecy act requirements for cryptocurrency following reports that Hamas raised millions of dollars through crypto ahead of attacks in Israel earlier this month.That legislation will be similar to a bill Sen. Elizabeth Warren, D-Mass., introduced, Casten told the House Financial Services Committee’s panel on illicit finance and national security on Wednesday during a hearing. “We will be introducing a bill that Senator Warren has already introduced on the Senate side to do that over here,” Casten said. Casten did not specify which bill, but Sen. Warren reintroduced a bill in July that would crack down on the use of crypto for money laundering and sanctions evasion as well as extend Bank Secrecy Act requirements to digital asset wallet providers, miners, among other participants. Former House Financial Services Committee Chair Maxine Waters, D-Calif., also asked witnesses on Wednesday about cryptocurrency’s connection to Iran and Hamas. “What we see is Hamas utilising cryptocurrency to fundraise. That does happen,” said Adam Zarazinski, CEO of Inca Digital, a data analytics intelligence firm focused on crypto. “While cryptocurrency can be employed in activities that challenge our security and values, it also holds the potential to democratise finance, spur economic growth, and foster financial inclusion globally,” he added.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin’s price has posted a slight retracement from its early-week high north of $35,000, wiping out more than $147 million in leveraged positions over the past 24 hours.Following in the same vein as Tuesday’s market dynamics, shorts were again hit hardest, with almost $80 million positions liquidated compared to just over $68 million in long positions. The 30-day bitcoin volatility index reading ticked up to over 2% on Wednesday.It is looking increasingly likely that an ETF will be approved by early 2024. This could change, the SEC could come up with new reasons as to why these ETFs will be rejected, but at the moment this seems less likely.The support level is at $33,700 and the resistance level is at $34,900.

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