The Israel-Gaza war has once again thrown the spotlight on crypto, with anti-crypto politicians seizing on exaggerated reports of crypto being used to finance terrorism to introduce harsh new legislation with the potential to crush the industry.

Three days after Hamas carried out its brutal Oct. 7 attack, The Wall Street Journal published an inflammatory article stating that in the past three years, U.S.-designated terrorist organizations such as Hamas, Palestinian Islamic Jihad and Hezbollah had raised $134 million in crypto.

The article — later corrected following an online backlash — became ammunition for the anti-crypto army in Washington, which cited it to push…

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