US Senators Support Elizabeth Warren’s Crypto Bill


18 Sep 2023 11:29 AM

Nine US Senators have publicly supported Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act, which seeks to crack down on...

  • Nine US Senators, including Elizabeth Warren, support the Digital Asset Anti-Money Laundering Act.
  • The bill aims to crack down on the illicit use of cryptocurrency in money laundering, drug trafficking, and sanctions evasion.
  • The coalition supporting the bill includes Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, as well as independent Senator Angus King.
  • Several organizations, including Transparency International U.S. and the National Consumer Law Center, have endorsed the bill.
  • The bill seeks to regulate noncustodial digital wallets, expand Bank Secrecy Act responsibilities, establish compliance examinations, and take legal measures to combat illegal cryptocurrency use.
  • Warren believes there is a $50 billion crypto tax gap, risking a loss of $1.5 billion in tax revenue for fiscal year 2024.

The article presents a positive sentiment towards the Digital Asset Anti-Money Laundering Act and the support it has received from Senators and organizations. It highlights the bill's aim to combat illicit cryptocurrency use and the potential loss of tax revenue if a tax policy update is delayed.

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You May Ask

What is the purpose of the Digital Asset Anti-Money Laundering Act?Which Senators publicly support the bill?Which organizations have endorsed the bill?What measures does the bill propose to combat illegal cryptocurrency use?What is the estimated crypto tax gap and potential loss of tax revenue mentioned by Elizabeth Warren?

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