Adam Cochran, a partner at the venture capital firm Cinneamhain Ventures, has criticized former U.S. Senator Sherrod Brown for his alleged "dishonest" attacks on cryptocurrency and financial technology. Cochran shared his views in a post dated November 5.
"Getting rid of Sherrod Brown is good," said Cochran. "Worst person on the finance committee, by far, was incredibly dishonest with his attacks on crypto and fintech."
According to StandWithCrypto, during his time as Senate Banking Committee chairman, Brown made several statements that were considered "very anti-crypto." In one such statement last year, Brown said on X that the Banking Committee was "examining the financing behind terrorism & working to cut it off at the source," indicating efforts to cut off Hamas funding. He said that they were exploring all options, including sanctioning state sponsors of terrorism and their proxies and cracking down on cryptocurrency.
Majority Whip Tom Emmer addressed concerns regarding media reports about "Hamas's digital asset fundraising campaign." Emmer said in February that he had questioned the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) about these reports. Emmer said Undersecretary Nelson confirmed that the Wall Street Journal's numbers were inaccurate and asserted that crypto was not a popular tool for Hamas terrorists. Emmer emphasized that since the Treasury possesses accurate data, it should correct public records concerning Hamas's digital asset fundraising efforts.
Following media reports linking Hamas to cryptocurrency transactions, blockchain analytics firm Chainalysis conducted an analysis of transactions processed by Buy Cash, a Gaza-based service provider under sanctions. The firm found that while Buy Cash handled approximately $82 million in crypto transactions, only around $450,000 was transferred to a wallet address affiliated with terrorism. Chainalysis highlighted inaccuracies in methodologies used to estimate crypto’s role in terror financing and noted that most terrorist financing relies on traditional financial institutions and fiat-based methods like shell corporations. The company also pointed out that blockchain technology's transparency makes cryptocurrencies traceable and less appealing for terrorist groups.
The Wall Street Journal reported in October 2023 that Hamas had raised approximately $41 million through cryptocurrency. It also mentioned Binance's cooperation with Israeli law enforcement to identify and seize funds linked to terror groups.
Cochran is not only a general partner at Cinneamhain Ventures but also an adjunct professor of information science and business analysis. He has been active in the blockchain industry since 2013.
