Per Decrypt
Senator Elizabeth Warren says crypto is assisting in funding the fentanyl trade
6/1/2023
Senator Elizabeth Warren has recently made a statement regarding the fentanyl trade and how it was funded. The US Senator points towards the use of crypto in funding it.
Warren: "This group sold enough precursor drugs in exchange for crypto to produce $540 billion worth of fentanyl pills. That is enough fentanyl to kill nearly 9 billion people, all paid for by crypto,"
During a Senate Banking Committee hearing, Senator Warren shared this sentiment while the Deputy Secretary of the Treasury, Elizabeth Rosenberg, commented on how fentanyl sellers accepted crypto as payment.
Rosenberg: "Unfortunately, that is a mode that some of these precursor manufacturers and illicit drug organizations have used—the receipt of Bitcoin payments in cryptocurrency wallets,"
Senator Warren reportedly used research that showed how over 90 Chinese fentanyl-producing companies preferred crypto as a form of payment, specifically highlighting Bitcoin and Tether, a stablecoin.
Warren: "Crypto is helping fund the fentanyl trade and we have the power to shut that down,"
As a solution, Senator Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act of 2022. The act was reportedly designed to bring digital assets under other requirements felt by the financial system.
This included requirements regarding anti-money laundering and anti-terrorism financing.
Toward the end of March, Elizabeth Warren pointed out how billion-dollar crypto firms were bailed out while student loan borrowers struggled. The US Senator mentioned how millions of Americans struggled to pay out student loans.
US Representative Brad Sherman said in mid-March that "crypto bros... made over a trillion dollars out of thin air." This came as the Representative also pointed out hot people accused the US government of "making money out of thin air."
See flow at unusualwhales.com/flow.
Other News:
- Elizabeth Warren explains skepticism of a system that keeps student loan borrowers struggling while bailing out billion-dollar crypto firms
- “Crypto bros ... made over a trillion dollars out of thin air,” U.S. Rep. Brad Sherman has said at a House hearing
Resources:
Elizabeth Warren's official website
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