Senator Elizabeth Warren has expanded her alliance in the fight against the illegal utilization of crypto for money laundering, drug trafficking, and sanctions evasion.
Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act has received support from nine U.S. Senators, as officially confirmed in a statement issued by Warren’s office.
On Senator Elizabeth Warren’s official Senate webpage press release, a bipartisan coalition endorsing the bill includes Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto.
Additionally, independent Senator Angus King has joined this coalition. Notably, Senator Peters serves as the chair of the Senate Homeland Security and Governmental Affairs Committee while Senator Durbin chairs the Senate Judiciary Committee.
The Crypto Tax Gap: Senator Warren’s $50 Billion Concern
Senator Warren expressed her appreciation for the bill’s new backers. She remarked, “The growing coalition highlights Congress’s readiness to take decisive action.” According to her, their bipartisan bill offers the most robust solution to combat the illicit use of cryptocurrencies and equip regulators with additional resources.
This bill has received endorsements from 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.
In July 2023, Senator Warren reintroduced the Digital Asset Anti-Money Laundering Act. Moreover, this updated version of the legislation aims to target noncustodial digital wallets and expand the responsibilities under the Bank Secrecy Act.
Additionally, it proposes instituting Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations and implementing other legal provisions to combat the illicit use of digital currencies. Senators Joe Manchin, Roger Marshall, and Lindsey Graham joined Senator Warren in this effort.
Senator Warren argues a significant “crypto tax gap” estimated at $50 billion. However, if this issue is not promptly addressed through an update in tax policies, it could potentially lead to the loss of approximately $1.5 billion in tax revenue for the 2024 fiscal year by the Internal Revenue Service and U.S. Treasury.
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