US Senators Mark Warne, Mike Rounds, and Mitt Romney introduced a bill today called the "Terrorist Financing Prevention Act," which will expand the Treasury Department's sanctioning power to cover more terrorist organizations, including Hamas, and provide them with more resources to address encryption issues.

The new bill will allow the Treasury Department to identify foreign financial institutions and foreign digital asset companies that intentionally provide transaction facilitation to Hamas and other groups, and then sanction them. The bill also includes a provision from the "Cryptocurrency and National Security Enforcement Act" (CANSEE) launched in July. The statement said that this provision will give the Treasury Department's financial crime enforcement network the power to "restrict transactions that do not involve a major money laundering issue with US proxy bank accounts."