2 years ago
Senator Elizabeth Warren said during a May 31 Senate proceeding that she aims to combat cryptocurrency’s relation successful the amerciable fentanyl trade.
Fentanyl trade
Warren said to the Senate Banking Committee:
“Crypto is supposedly banned successful China … but much than 90 companies based successful China are raking successful tens of millions of dollars worthy of crypto by selling these fentanyl precursors.”
Warren specifically cited information published by the blockchain steadfast Elliptic connected May 23. Based connected that data, she noted that crypto transactions related to the fentanyl commercialized accrued by 450% implicit the people of 2022.
In addition, Warren noted that capable cryptocurrency was spent connected fentanyl precursors to nutrient $54 cardinal worthy of the cause successful 2022.
Warren said that, successful effect to the latest findings, she and Senator Roger Marshall volition reintroduce their Digital Asset Anti-Money Laundering Act.
That measure aims to adjacent loopholes that let participants successful the cause commercialized to marque usage of cryptocurrency. It was archetypal precocious successful late 2022.
Rosenberg responds
Warren noted that the U.S. Treasury has taken enactment against the fentanyl trade. In fact, the bureau sanctioned assorted parties that enabled fentanyl accumulation connected May 30.
Warren asked Elizabeth Rosenberg, the Treasury’s Assistant Secretary for Terrorist Financing and Financial Crimes, whether the Treasury recovered that participants successful the fentanyl commercialized trust connected cryptocurrency. Rosenberg responded successful the affirmative.
Rosenberg noted fentanyl traders usage crypto owed to its pseudonymous privateness model, its capableness for ample planetary transactions, and its deficiency of lawsuit scrutiny.
Rosenberg besides agreed that Warren’s projected anti-money laundering enactment would beryllium beneficial. She said: “Yes, I’m definite that volition help.”
The station Elizabeth Warren highlights crypto’s relation successful fentanyl trade, plans to combat with bill appeared archetypal connected CryptoSlate.
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