Saturday, 25 May 2024

Crypto News

9 US Senators publicly back Elizabeth Warren’s crypto bill

9 US Senators publicly back Elizabeth Warren’s crypto bill

Senator Elizabeth Warren has announced the expansion of her coalition to crack down on “crypto’s use in money laundering, drug trafficking, sanctions evasion.” Nine other Senators have added their support to her Digital Asset Anti-Money Laundering Act, according to a statement. 

The press release on Warren’s official webpage names Senators Gary Peters (D-Mich.), Dick Durbin (D-Ill.), Tina Smith (D-Minn.), Angus King (I-Maine), Jeanne Shaheen (D-N.H.), Bob Casey (D-Pa.), Richard Blumenthal (D-Conn.), Michael Bennet (D-Colo.) and Catherine Cortez Masto (D-Nev.) among those who joined the bipartisan coalition supporting the bill. Senator Peters is the Chair of the Senate Homeland Security and Governmental Affairs Committee, while Senator Durbin is the Chair of the Senate Judiciary Committee.

Warren herself welcomed the new bill supporters, stating:

“Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”

This bill has also been endorsed by institutions such as Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, National Consumer Law Center and National Consumers League.

Related: Elon Musk, Mark Zuckerberg and Sam Altman talk AI regs in Washington

Warren reintroduced the Digital Asset Anti-Money Laundering Act along with Senators Joe Manchin, Roger Marshall and Lindsey Graham in July 2023. In the current version, the document intends to crack down on non-custodial digital wallets, extend Bank Secrecy Act responsibilities, establish an anti-money laundering/combat financing terrorism (AML/CFT) compliance examination, and take other legal measures to fight the illicit use of digital money.

Warren believes that there is a “$50 billion crypto tax gap,” and the Internal Revenue Service (IRS) and Treasury risk missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.