U.S. House of Representatives member Sean Casten plans to introduce a bill to strengthen the requirements of the Bank Secrecy Act for cryptocurrencies.

U.S. Rep. Sean Casten, D-Ill., said he plans to introduce a bill to strengthen the requirements of the Bank Secrecy Act for cryptocurrencies. This follows reports that Hamas raised millions of dollars in cryptocurrencies ahead of its attack on Israel earlier this month. Casten told the House Financial Services Committee's Illicit Finance and National Security Subcommittee that the legislation would be similar to a bill introduced by Sen. Elizabeth Warren, D-Mass. "We will be introducing a bill, and Senator Warren has introduced a similar bill in the Senate," Casten said. Casten did not elaborate on which bill, but Senator Warren introduced a bill in July that aimed to combat the The use of cryptocurrencies for money laundering and sanctions evasion also requires digital asset wallet providers, miners, and other participants to comply with bank secrecy laws. (The Block)