Senator Elizabeth Warren announced an expansion of her coalition to combat the use of cryptocurrencies in money laundering, drug trafficking and sanctions evasion as part of the Cryptocurrency Bill. According to a statement from Warren's office, 9 US senators have supported Senator Elizabeth Warren's Digital Assets Anti-Money Laundering Act.
The press release names Democratic 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. Peters is chairman of the Senate Homeland Security and Governmental Affairs Committee, and Durbin is chairman of the Senate Judiciary Committee.
US Senators Support Elizabeth Warren's Cryptocurrency Bill
Warren applauded supporters of the new bill, saying the coalition shows Congress is ready to take action - the bipartisan bill is the toughest proposal yet aimed at cracking down on illegal use of cryptocurrency and giving regulators more tools in their toolbox.
The bill was endorsed by Transparency International USA, Global Financial Integrity, the National District Attorneys Association, America's major county sheriffs, the National Consumer Law Center and the National Consumer League.
Warren reintroduced the Digital Assets Anti-Money Laundering Act along with Senators Joe Manchin, Roger Marshall and Lindsey Graham in July 2023.
Elizabeth Warren consistently criticizes the crypto industry
Senator Elizabeth Warren has previously warned that turbulence in the digital asset space will only continue until a number of regulators strengthen investor protection.
“For all the talk about innovation and financial inclusion, crypto industry giants—from FTX to Voyager—are collapsing under the weight of their own fraud, deceit and gross mismanagement,” she said.
In her opinion, cryptocurrency fraud is a big problem, but it can be solved. Over the past two years, she said, the SEC has made a “good start” by keeping cryptocurrency volatility out of the traditional banking system and preventing Bitcoin exchange-traded funds from entering the market.
She believes cryptocurrency mining firms are polluting local communities, straining power grids and driving up utility costs in communities from Texas to New York. The Department of Energy and the Environmental Protection Agency have the power to require crypto miners to disclose information about their energy use and their impact on the environment.
