Senators Warren and Cassidy Demand Update on the Role of Cryptocurrency in Fentanyl Trade
Summary:
US Senator Elizabeth Warren has requested an update from drug agencies on the role of cryptocurrency in illicit fentanyl trade and measures to combat it. Senators Warren and William Cassidy have asked the Office of National Drug Control Policy and the Drug Enforcement Administration to detail their plans and challenges in curbing the use of digital currency in drug trafficking. The request comes amid ongoing criticism of Warren's stance on cryptocurrency, and with attorney John Deaton planning to challenge her Senate seat.
US Senator Elizabeth Warren is requesting a status report from drug agencies on the utilization of cryptocurrency in illegal fentanyl dealings. In a letter dated May 29, Senators Warren and William Cassidy required an overview of measures taken by the Biden administration to curb the use of digital currency by drug dealers to expand their operations and clean their illicit earnings. This letter was penned to Rahul Gupta, the director of the Office of National Drug Control Policy, and Anne Melissa Milgram, the administrator of the Drug Enforcement Administration, reinforcing their longstanding belief that digital currencies play a substantial part in the fentanyl trade, much of which finds its way into America.
The Senators are expecting responses from the agencies by June 14, detailing the extent of cryptocurrency's involvement in drug trade, the planned initiatives to be launched over the next year, and the benchmarks for success in the fight against cryptocurrency's unlawful usage in the fentanyl industry. They also inquired about the difficulties their offices encounter in attempting to obstruct the use of cryptocurrency in unlawful drug transactions.
Their argument was backed up by a May 2023 probe that discovered that nearly 80 Chinese firms supplying fentanyl precursors received nearly $30 million in cryptocurrency transactions, enough to buy precursors to manufacture a shocking $54 billion worth of fentanyl pills.
Warren has been criticized previously for referencing misleading data to support her opposition to cryptocurrency. In a letter discussing illicit digital currency activities, she cited an October 2023 Wall Street Journal article that inaccurately stated the degree to which Hamas employed cryptocurrency to fund its terrorist acts related to the Israel-Palestine conflict. Despite the WSJ's subsequent correction, Warren has been silent on the misinformation.
John Deaton, a US attorney and XRP supporter, is planning to challenge Warren for her Massachusetts Senate seat in the upcoming months. Deaton expressed his eagerness to discuss income inequality and the opioid crisis with her on a public platform at the Consensus.
Published At
5/31/2024 5:48:36 AM
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