Sat. May 18th, 2024

Senators press Biden administration on Iran crypto mining

Jamie Roberts By Jamie Roberts May5,2024

Sens. Elizabeth Warren (D-Mass.) and Angus King (I-Maine) pressed the Biden administration on Wednesday for information on how it is addressing Iran’s use of cryptocurrency mining to evade sanctions. 

“Iran has raised millions of dollars through mining crypto—a steady revenue source that allows it to purchase imports, move funds domestically and internationally, and fund Hamas and other terrorist organizations,” the senators said in a letter to Defense Secretary Lloyd Austin, Treasury Secretary Janet Yellen and National security advisor Jake Sullivan. 

“This ongoing activity by the Iranian government threatens our national security,” they added. 

Crypto mining, the process of verifying crypto transactions and minting new tokens, has become “increasingly lucrative” for Iran, which is subject to numerous U.S. and international sanctions over its nuclear program, Warren and King said. 

Bitcoin mining, in particular, funneled more than $186 million onto Iranian crypto platforms between 2015 and 2021, and Tehran was one of the top eight Bitcoin producing countries as of 2021, the pair noted in their letter. 

Warren and King asked the Biden administration for information about Iran’s use of crypto mining, the extent to which crypto has been used to “fund terrorist organizations, military actions, or weapons development,” and steps the administration is taking to address the issue. 

Warren, one of crypto’s most outspoken critics in Congress, similarly pressed the administration about Russia, Iran and North Korea’s use of crypto to evade sanctions in a letter alongside Sen. Roger Marshall (R-Kan.) earlier this week. 

In the Monday letter, Warren and Marshall specifically raised concerns about Russia’s use of the stablecoin Tether to obtain arms for its war against Ukraine despite U.S. sanctions. 

Jamie Roberts

By Jamie Roberts

Jamie is an award-winning investigative journalist with a focus on uncovering corruption and advocating for social justice. With over a decade of experience in the field, Jamie's work has been instrumental in bringing about positive change in various communities.

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2 thoughts on “Senators press Biden administration on Iran crypto mining”
  1. Iran has indeed found a loophole in sanctions by exploiting cryptocurrency mining. It is alarming to see how these activities are funding terrorist organizations and posing a threat to our national security. The Biden administration must take swift and decisive action to address this issue and prevent further misuse of crypto for illicit purposes.

  2. Do you think the Biden administration has a solid plan to combat Iran’s crypto mining activities effectively?

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