U.S. Senator Elizabeth Warren has called for legislation to shut down cryptocurrency funding for the fentanyl trade.
U.S. Senator Warren Calls for Legislation on Crypto’s Role in Fentanyl Trade
U.S. Senator Elizabeth Warren has called for legislation to shut down cryptocurrency funding for the fentanyl trade. During a Senate hearing, Warren highlighted the use of cryptocurrency by Chinese businesses involved in shipping fentanyl precursors. She cited research from Elliptic, a data firm, which revealed that over 90 Chinese companies accept cryptocurrency as payment. “Crypto is helping fund the fentanyl trade, and we have the power to shut that down,” Warren claimed.
Elizabeth Rosenberg, Assistant Secretary for terrorist financing and financial crimes at the U.S. Treasury Department, testified that the pseudonymity offered by cryptocurrencies makes them appealing to these illicit drug organizations. Fentanyl overdoses have become a leading cause of death among individuals aged 18-45 in the United States, with many of the precursor chemicals originating from China.
Warren, who vowed to build an “anti-crypto army” as part of her re-election campaign, intends to reintroduce her Digital Asset Anti-Money Laundering Act to address this issue and cut off crypto payments to the fentanyl trade.
