Senator Elizabeth Warren announces the expansion of her coalition to crack down on “crypto’s use in money laundering, drug trafficking, sanctions evasion.”
Nine United States Senators have added their support to Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, according to a statement from Warren’s office.
The press release on Warren’s official senate webpage names Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto, along with independent Senator Angus King, as those who joined the bipartisan coalition supporting the bill. Peters is the chair of the Senate Homeland Security and Governmental Affairs Committee, while 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 Transparency International U.S., Global Financial Integrity, the National District Attorneys Association, the Major County Sheriffs of America, the National Consumer Law Center and the National Consumers League.
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 noncustodial digital wallets, extend Bank Secrecy Act responsibilities, establish an Anti-Money Laundering/Combating the Financing of Terrorism compliance examination and other legal measures to fight the illicit use of digital money.
Warren believes there is a “$50 billion crypto tax gap,” with the Internal Revenue Service and U.S. Treasury risking missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.