Key Points
- U.S. Senator Elizabeth Warren urges Biden Administration to address Iran’s profitable bitcoin mining operations.
- Iran has reportedly made millions from crypto mining, aiding in sanctions evasion and funding terrorist organizations.
U.S. Senator Elizabeth Warren is calling on the Biden Administration to tackle Iran’s burgeoning cryptocurrency mining operations. The country is leveraging these profitable bitcoin ventures to evade international sanctions.
Iran’s Crypto Operations: A National Security Threat?
In a letter sent to the Secretaries of the Treasury and Defense, as well as National Security Advisor Jake Sullian, Warren argued that Iran’s crypto activities pose a direct threat to national security. She asked the administration to detail Iran’s reliance on crypto mining as a revenue source and a method to bypass sanctions.
According to Warren, Iran has generated millions of dollars through mining cryptocurrencies. This steady revenue stream enables the country to purchase imports, transfer funds domestically and internationally, and finance organizations such as Hamas.
Iran’s Bitcoin Revenue and Global Crypto Adoption Risks
From 2015 to 2021, Iranian bitcoin mining platforms have reportedly accumulated substantial revenue, earning $186 million from their operations.
Warren has consistently cautioned U.S. officials about the risks associated with widespread global cryptocurrency adoption. This week, she also urged lawmakers to address Russia’s use of cryptocurrencies to defy international actions against the country.
