Senator Elizabeth Warren is leading the charge to improve crypto regulatory oversight
Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act has gained support from nine US Senators, according to a press release from her office. The statement published on Warren’s official senate webpage says Democratic Senators Bob Casey, Dick Durbin, Gary Peters, Tina Smith, Jeanne Shaheen, Richard Blumenthal, Michael Bennet, Catherine Cortez Masto and Independent Senator Angus King have all put their support behind the bill. Durbin is the chair of the Senate Judiciary Committee, and Peters chairs the Senate Homeland Security and Governmental Affairs Committee.
Warren welcomed the coalition of bill supporters, saying, “Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
Transparency International US, Global Financial Integrity, the National District Attorneys Association, the Major County Sheriffs of America, the National Consumer Law Center and the National Consumers League have all endorsed the bill.
Warren and Senators Lindsey Graham, Roger Marshall and Joe Manchin reintroduced the Digital Asset Anti-Money Laundering Act in July 2023. The current version intends to put restrictions on noncustodial digital wallets, extend the responsibilities of the Bank Secrecy Act and designate an Anti-Money Laundering/Combating the Financing of Terrorism compliance study and other legal criteria to combat the illicit use of digital funds.
Warren says a “$50 billion crypto tax gap” will see the Internal Revenue Service and US Treasury potentially missing out on about $1.5 billion in tax revenue in fiscal year 2024 if there’s further delay in a tax policy update.
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