{"id":16454,"date":"2023-05-31T20:37:01","date_gmt":"2023-06-01T00:37:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-senator-warren-calls-out-cryptos-role-in-fentanyl-transactions\/"},"modified":"2023-05-31T20:37:02","modified_gmt":"2023-06-01T00:37:02","slug":"us-senator-warren-calls-out-cryptos-role-in-fentanyl-transactions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16454","title":{"rendered":"US Senator Warren Calls Out Crypto\u2019s Role in Fentanyl Transactions"},"content":{"rendered":"<div>\n<p>US Sen. Elizabeth Warren called out cryptocurrency\u2019s role in fentanyl drug transactions and pushed for her bill to combat money laundering during a congressional hearing on Wednesday.<\/p>\n<p>The Massachusetts Democrat, and longstanding crypto critic, said her bill, the Digital Asset Anti-Money Laundering Act, will close loopholes \u201cin our anti-money laundering rules and cuts off drugs suppliers and cartels from using crypto to fuel their illegal business.\u201d\u00a0<\/p>\n<p>\u201cCrypto is helping fund the fentanyl trade. And we have the power to shut that down. It&#8217;s time,\u201d Warren added during a Senate Banking Committee hearing.<\/p>\n<p>Fentanyl and other synthetic opioids are the most common drugs involved in overdose deaths and over 150 people die every day from overdoses related to synthetic opioids like fentanyl, according to the <u>US Centers for Disease Control and Prevention<\/u>.\u00a0\u00a0<\/p>\n<p>China and Mexico are the primary source countries for fentanyl and fentanyl-related substances as of 2020, <u>according<\/u> to the US Drug Enforcement Administration.\u00a0<\/p>\n<p>Warren asked Elizabeth Rosenberg, the Treasury Department\u2019s assistant secretary for Terrorist Financing and Financial Crimes, about whether Chinese companies used crypto in illegal drug transactions.\u00a0<\/p>\n<p>Rosenberg, who testified at the hearing, said yes.<\/p>\n<p>\u201cUnfortunately, that is a mode that some of these precursor manufacturers and illicit drug organizations have used,\u201d Rosenberg said.\u00a0<\/p>\n<p>Warren also cited figures from research firm Elliptic showing 90 Chinese suppliers sold \u201cenough precursor drugs in exchange for crypto to produce $54 billion worth of fentanyl pills.\u201d<\/p>\n<p>\u201cThat is enough fentanyl to kill nearly 9 billion people, all paid for by crypto,\u201d Warren said.<\/p>\n<h2>Warren\u2019s stance on crypto\u00a0<\/h2>\n<p>Warren first introduced her Digital Asset Anti-Money Laundering Act late last year, which seeks to bring the crypto industry into compliance with the existing anti-money laundering while also countering terrorism financing.\u00a0<\/p>\n<p>Warren has long criticized crypto, <u>calling it<\/u> an industry \u201cthat is built to favor scammers.\u201d<\/p>\n<p>Warren has also voiced concerns about bad actors in North Korea using crypto to evade sanctions in a <u>hearing<\/u> earlier this month.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/us-senator-warren-calls-out-cryptos-role-fentanyl-transactions.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Sen. Elizabeth Warren called out cryptocurrency\u2019s role in fentanyl drug transactions and pushed for her bill to combat money laundering during a congressional hearing on Wednesday. The Massachusetts Democrat, and longstanding crypto critic, said her bill, the Digital Asset Anti-Money Laundering Act, will close loopholes \u201cin our anti-money laundering rules and cuts off drugs [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-16454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Senator Warren Calls Out Crypto\u2019s Role in Fentanyl Transactions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"US Sen. 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