Crypto: Senator Warren’s initiative to curb money laundering

Senator Elizabeth Warren is against the emergence of cryptos. While the latter are suspected of contributing to laundering the income from illegal activities, the senator feels invested with a mission. That of ensuring that such activities no longer prosper.

A bill to stem money laundering via cryptos

Cryptos are a popular way to make activities look legal when they aren’t. An unacceptable situation for Elizabeth Warren, a Democratic senator from the State of Massachusetts.

As a result, the politician wants to intervene to change the situation. For that, nothing better thana bill on the matter. If the text is adopted, it would put an end to money laundering via cryptos.

During a hearing in Congress on Wednesday May 31, the politician, also an academic, defended the merits of her initiative. It would not be, according to him, yet another expression of his openly anti-crypto position.

In a way, it is a question of cutting off funding for a number of activities deemed illegal. This, because they use cryptos to hide their illicit capital gains, from the eyes and beards of the authorities.

This is particularly the case with the sale of drugs. Figures from the US Drug Enforcement Administration (DEA) are particularly alarming in this regard. Every day, at least 150 people die from a fentanyl overdose.

This synthetic opioid would be mainly sold in clandestine circuits linked to neighboring Mexico and China. According to Warren, who cites data provided by the Elliptic platform, “54 billion dollars of fentanyl pills” would have been produced in the country.

This, thanks to the services of 90 Chinese suppliers who would use the cryptos to blur the dubious origin of their activities. “Cryptocurrencies help fund the fentanyl trade. And we have the power to end it. It’s time “, Warren said during his audition. These situations reveal the relevance of regulating the American crypto market. Regulations that are still struggling to see the light of day.