{"id":85869,"date":"2023-10-18T10:31:06","date_gmt":"2023-10-18T07:31:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85869"},"modified":"2025-09-13T02:00:17","modified_gmt":"2025-09-12T23:00:17","slug":"opinion-hamas-crypto-reports-could-blunt-coinbases-us-lobbying-push","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-hamas-crypto-reports-could-blunt-coinbases-us-lobbying-push\/","title":{"rendered":"Opinion: Hamas-crypto reports could blunt Coinbase\u2019s US lobbying push"},"content":{"rendered":"

Reports that Hamas used cryptocurrency to raise funds ahead of attacks in Israel could blunt Coinbase’s efforts to push friendly legislation for the US market. The Block<\/a> reports this, citing a research note from Berenberg Capital Markets.<\/p>\n

According to Mark Palmer, an analyst at the firm, the situation is complicated by ongoing pressure from the US regulators on the exchange.<\/p>\n

\n

\u201cOur cautious stance on Coinbase Global is driven by the threat to its business from various regulatory actions and lawsuits it faces in the United States,\u201d he said.<\/p>\n<\/blockquote>\n

Palmer noted that the confrontation with the SEC<\/span> is likely to weigh on the stock price of the bitcoin exchange for some time.<\/p>\n

Against this backdrop, Berenberg raised its forecast for the company’s consumer-transaction revenues from $210 million to $240.8 million, to reflect expectations that consumer demand would decline more slowly.<\/p>\n

According to TradingView, Coinbase shares rose 2.99% on Wednesday, to $77.46 at 7:59 p.m. ET. The monthly decline was 6.38% with a year-on-year gain of 112%.<\/p>\n

\"COIN_2023-10-18_09-42-06\"
Daily chart for COIN on Nasdaq. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Representatives of Coinbase confirmed<\/a> their efforts to push legislative regulation of the cryptocurrency market in the United States, aimed in part at preventing the use of digital currencies for illicit purposes.<\/p>\n

They noted that terrorist organisations, in financing matters, still largely rely on traditional financial systems and cash. Blockchain, they say, is designed to tackle this problem.<\/p>\n

\n

\u201cThe immutable cryptocurrency ledger simplifies tracking transactions of this type, acting as a deterrent to malefactors,\u201d Coinbase said.<\/p>\n<\/blockquote>\n

They emphasised the need for clear regulation of cryptocurrencies in the United States, as moving assets offshore would heighten the risk of illicit activity.<\/p>\n

\n

\u201c[Targeted legislation] ensures compliance with sanctions and anti-money-laundering rules in the jurisdiction,\u201d Coinbase noted.<\/p>\n<\/blockquote>\n

Last week Israeli authorities froze cryptocurrency accounts<\/a> that Hamas used to raise funds. According to an April report, since 2021 Israeli authorities arrested 189 Binance accounts<\/a> linked to Hamas and ISIS<\/span>.<\/p>\n

In March 2023, Coinbase received a notice<\/a> from the SEC about an investigation into the listing procedures on the platform and its products \u2014 Coinbase Prime, Coinbase Wallet and Coinbase Earn.<\/p>\n

In June the regulator charged<\/a> the company with allegedly operating as an unregistered exchange, broker and clearing agency.<\/p>\n

Earlier, the US Chamber of Commerce expressed its support for Coinbase<\/a>, noting that the Commission \u201cdeliberately creates a dangerous and uncertain environment\u201d for crypto firms in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reports that Hamas financed activities via cryptocurrency could blunt Coinbase\u2019s push for friendly legislation for the US market.<\/p>\n","protected":false},"author":1,"featured_media":85870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1150,1138,26],"class_list":["post-85869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-news-plus","tag-opinions","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85869"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85869\/revisions"}],"predecessor-version":[{"id":85871,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85869\/revisions\/85871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85870"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}