Senator Elizabeth Warren says crypto is assisting in funding the fentanyl trade

Per Decrypt

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:

Resources:

Decrypt

US Banking, Housing, and Urban Affairs

Elizabeth Warren's official website

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.