- Senators Elizabeth Warren and Angus King have asked the heads of the Department of Defense and the Department of the Treasury to explain what they’re doing about Iran’s crypto mining.
- A letter from the lawmaker argued that the nation is relying on mining to fund itself outside of the reach of sanctions.
As an experienced analyst, I believe that the growing relationship between Iran and cryptocurrency mining is a significant threat to U.S. national security that requires immediate attention from the relevant authorities. Senators Elizabeth Warren and Angus King’s letter to the Department of Defense, Treasury, and National Security Advisory highlights this concern, citing Iran’s leading position in Bitcoin mining and its use of cryptocurrencies to fund its economy despite international sanctions.
Senator Elizabeth Warren of Massachusetts, known for her criticisms against the risks of cryptocurrencies, cautioned high-ranking military and financial personnel about Iran’s utilization of crypto mining as a significant revenue stream that could potentially alleviate the impact of US sanctions.
Warren and Sen. Angus King (I-Maine) penned a letter to Defense Secretary Lloyd Austin, Treasury Secretary Janet Yellen, and National Security Advisor Jake Sullivan expressing concern over Iran’s profitable engagement with cryptocurrency mining that potentially endangers US national security.
As a crypto investor, I’ve noticed how cryptomining has gained significant traction in Iran. However, this growth has put a considerable strain on the country’s energy infrastructure. Consequently, the Iranian government has been forced to temporarily halt cryptomining operations on various occasions due to the massive energy consumption, which they believe is the main cause of widespread power outages.
As a crypto investor, I can tell you that during the Senate hearing, the senators expressed concern over Iran’s past involvement in cryptocurrency money laundering and its connections to ransomware attacks that operate using digital assets.
Warren and King instructed the officials to explain the actions being taken by the administration in response to the potential dangers to American security from Iran’s use of cryptomining and cryptocurrencies for earning income and circumventing sanctions.
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2024-05-02 18:56