Senator Warren Urges End To Crypto-Funded Fentanyl Trade
In a Senate hearing held on Wednesday, US Senator Elizabeth Warren made a strong call to halt the use of cryptocurrencies in funding fentanyl production. The issue was further highlighted by a Treasury official who stated that Chinese producers of the dangerous drug find crypto payments particularly appealing. Research conducted by Elliptic, a data analysis firm, provided evidence supporting the claims made during the hearing.
JUST IN: 🇺🇸 Senator Elizabeth Warren says #crypto funds fentanyl trade and it's time to shut it down.
— Watcher.Guru (@WatcherGuru) May 31, 2023
Crypto-Funded Fentanyl Trade
The research findings revealed that more than 90 Chinese businesses involved in the production of fentanyl precursors accept payments in cryptocurrencies. During her testimony, US Treasury Department Assistant Secretary Elizabeth Rosenberg emphasized the connection between illicit activities and digital assets.
Senator Elizabeth Warren, a prominent advocate for financial regulation, spoke passionately at the Senate hearing, calling for decisive action to put an end to the crypto-funded fentanyl trade. She backed her statements with data provided by Elliptic.
Echoing Warren’s concerns, Elizabeth Rosenberg, a US Treasury official, defended the Senator’s remarks, acknowledging that bitcoin payments are being utilized by precursor manufacturers and illegal drug organizations. “The reason why they would find this appealing is the same reason that other financial criminals would find it appealing, which is to say that there is an element of pseudonymity that they seek,” Rosenberg explained.
Digital Assets Anti-Money Laundering Act
The increasing use of fentanyl in the United States has become a significant cause for concern, as overdoses involving the drug have become a leading cause of death among individuals aged 18 to 45. Notably, the majority of the chemicals used to produce fentanyl are sourced from China.
Warren argued that the implementation of the Digital Assets Anti-Money Laundering Act could play a crucial role in combating the fentanyl epidemic. She announced plans to reintroduce the legislation in Congress, stating, “Crypto is helping fund the fentanyl trade, and we have the power to shut that down.” Warren concluded her remarks with a firm declaration, stating, “It’s time.”
The Senate hearing shed light on the urgent need to address the issue of cryptocurrencies being used to finance the production and distribution of fentanyl. As the debate continues, lawmakers are poised to explore regulatory measures aimed at preventing the misuse of digital assets for illicit activities.
