US Senator Elizabeth Warren has urged regulators to take action against cryptocurrencies that she claims are used by drug traffickers to buy illegal drugs like fentanyl.
Warren Argues China's Illegal Companies Are Being Paid With Crypto
Warren, a prominent member of the Senate Banking Committee, cited data from research firm Elliptic that revealed more than 90 Chinese businesses that offered to send fentanyl raw materials, and said that nearly all of them received crypto in return.
"Unfortunately, this is a method used by some of the premier manufacturers and illicit drug organizations," Elizabeth Rosenberg, assistant secretary for terrorism financing and financial crimes at the US Treasury Department, told the panel.
"The reason they find it attractive is the same as other financial criminals find it attractive, so there's an element of anonymity they're looking for," Rosenberg said.
Warren suggested that the Digital Asset Anti-Money Laundering Act could help cut crypto payments, and said the bill would be reintroduced this Congress.
“Crypto helps finance the fentanyl trade, and we have the power to stop it. The time has come,” Warren said.
*Not investment advice.
