Nine U.S. Senators Publicly Support Elizabeth Warren’s Cryptocurrency Bill.

A recent statement from Senator Elizabeth Warren’s office revealed that nine U.S. Senators have publicly declared their support for the Digital Asset Anti-Money Laundering Act. This bipartisan move is seen as a significant step toward addressing concerns related to cryptocurrencies and money laundering.

Among the Senators backing this initiative are prominent Democratic Party members, including Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto. Independent Senator Angus King also joined this coalition. Notably, Senator Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Senator Durbin holds the chairmanship of the Senate Judiciary Committee.

Senator Warren expressed her enthusiasm for the growing support for the bill, 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 garnered endorsements from various organizations, including 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.

Senator Warren, alongside Senators Joe Manchin, Roger Marshall, and Lindsey Graham, reintroduced the Digital Asset Anti-Money Laundering Act in July 2023. The updated version of the bill aims to address key issues within the cryptocurrency space, such as noncustodial digital wallets. It also seeks to expand the responsibilities outlined in the Bank Secrecy Act and establish compliance examination protocols to combat money laundering and the illicit use of digital currencies.

Senator Warren’s advocacy for this legislation is driven by her belief in a significant “crypto tax gap” amounting to $50 billion. She warns that if a tax policy update is delayed, the Internal Revenue Service and U.S. Treasury could miss out on approximately $1.5 billion in tax revenue for the 2024 financial year. These concerns underscore the urgency of addressing the regulatory challenges surrounding cryptocurrencies and money laundering.

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