Senator Elizabeth Warren Leads Bipartisan Coalition in Crackdown on Crypto's Illicit Use and Tax Gap Concerns
Summary:
Senator Elizabeth Warren expands coalition to crack down on crypto's use in money laundering, drug trafficking, and sanctions evasion. Nine Senators join the bipartisan coalition supporting the Digital Asset Anti-Money Laundering Act. The bill addresses non-custodial digital wallets, Bank Secrecy Act responsibilities, and anti-money laundering measures. Warren highlights a $50 billion crypto tax gap and warns of potential tax revenue loss.
Senator Elizabeth Warren has announced the expansion of her coalition aimed at addressing the use of cryptocurrency in illicit activities such as money laundering, drug trafficking, and sanctions evasion. According to a statement, nine other Senators have joined her in supporting the Digital Asset Anti-Money Laundering Act. The bipartisan coalition includes Senators Gary Peters, Dick Durbin, Tina Smith, Angus King, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto. Notably, Senator Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Senator Durbin chairs the Senate Judiciary Committee. In response to the growing support for the bill, Senator Warren expressed her satisfaction, stating that it demonstrates Congress's readiness to take action and emphasizes that their proposal is the most stringent in combating the illicit use of cryptocurrency. The bill has also received endorsements from reputable institutions such as Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, National Consumer Law Center, and National Consumers League. Senator Warren reintroduced the Digital Asset Anti-Money Laundering Act in July 2023 alongside Senators Joe Manchin, Roger Marshall, and Lindsey Graham. The current version of the bill addresses issues such as non-custodial digital wallets, Bank Secrecy Act responsibilities, anti-money laundering and combat financing terrorism (AML/CFT) compliance examination, and other legal measures to tackle the illicit use of digital currencies. Senator Warren argues that there is a $50 billion crypto tax gap, warning that a delay in updating tax policies could result in the loss of approximately $1.5 billion in tax revenue for the 2024 financial year for the Internal Revenue Service (IRS) and Treasury.
Published At
9/18/2023 7:16:18 AM
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