The address of daily crypto and token news
Bitcoin
£67,421.69
+4624.59
Ethereum
£3,590.43
+120
Litecoin
£89.62
-0.74
DigitalCash
£38.93
+0.88
Monero
£149.88
-1.53
Nxt
£0.00
0
Ethereum Classic
£35.08
+1.65
Dogecoin
£0.18
+0.03
Click to rate this post!
[Total: 0 Average: 0]

Senator Elizabeth Warren Takes a Stand Against Cryptocurrencies

Senator Elizabeth Warren, who is a Democratic senator from Massachusetts has voiced her concerns about the emergence of cryptocurrencies and their potential role in enabling money laundering for illegal activities . She is determined to take action to prevent these activities from succeding .

0 22

Senator Elizabeth Warren, who is a Democratic senator from Massachusetts has voiced her concerns about the emergence of cryptocurrencies and their potential role in enabling money laundering for illegal activities . She is determined to take action to prevent these activities from succeding . To address the issue Senator Warren plans to introduce a bill that specifically targets money laundering through cryptocurrencies . If this bill is adopted it could effectively put an end to the use of cryptocurrencies for illegal purposes .

 

Cryptos and the Fentanyl Trade

 

During a recent congressional hearing, Senator Warren who is an academic herself, stressed the need for her proposed initiative . She believes it is highly necessary to cut off funding for various illegal activities that exploit cryptocurrencies to hide their illicit gains from authorities .

 

One particular concerning issue is the sale of drugs such as fentanyl . The US Drug Enforcement Administration (DEA) has frightening statistics on the number of daily deaths caused by fentanyl overdoses . Much of this synthetic opioid is distributed through underground networks that are connected to Mexico and China .

 

According to Warren data from the Elliptic platform around $54 billion worth of fentanyl pills have been produced in the United States . A big portion of these drugs is believed to be financed by Chinese suppliers who use cryptocurrencies to cover up the origin of their activities .

 

“Cryptocurrencies help fund fentanyl trade . And we have the power to end it . It’s time” Warren emphasized during the hearing . These troubling situations highlight the urgency of regulating the American crypto market as current regulations have yet to fully address these issues .

Senator Elizabeth Warren Takes a Stand Against Cryptocurrencies

 

A Call for Regulation to Combat Illicit Crypto Activities

Senator Elizabeth Warren is on a mission to declare a war on the use of cryptocurrencies for illegal purposes . Recognizing their potential to facilitate money laundering and fund activities like the fentanyl trade she plans to introduce a bill to address these concerns . By shedding light on the need for regulation Senator Warren aims to protect the financial system and prevent cryptocurrencies from being misused .

 

You may be interested in:

Click to rate this post!
[Total: 0 Average: 0]
Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy