Elizabeth Warren Wants To Stop Crypto-Funded Fentanyl
- Senator Elizabeth Warren of the United States has called for a stop to crypto-funded fentanyl manufacture.
- Moreover, a Treasury official said that Chinese drug manufacturing finds cryptocurrency payments “appealing.”
- According to the investigation, over 90 Chinese firms that provide fentanyl precursors accept cryptocurrency payments.
US Senator Elizabeth Warren called for a stop to crypto-funded fentanyl manufacture at a Senate hearing on Wednesday.
According to the investigation, over 90 Chinese firms that provide fentanyl precursors accept cryptocurrency payments. After that, in evidence at the hearing, US Treasury Department Assistant Secretary Elizabeth Rosenberg acknowledged the link between illegal trade and digital assets.
Moreover, Rosenberg said that payments in cryptocurrency is “appealing” to Chinese pharma producers, citing Elliptic research.
“Unfortunately, that is a mode that some of these precursor manufacturers and illicit drug organizations have used – the receipt of bitcoin payments in wallets, cryptocurrency wallets. The reason why they would find this appealing is the same reason that other financial criminals would find it appealing, which is to say there’s an element of pseudonymity that they seek,” said Rosenberg.
Overdoses using fentanyl have become the main cause of death in the United States for those aged 18 to 45. Chemicals required to make the hazardous drug are often imported from China and travel over numerous countries on their way to U.S. consumers of the synthetic opioid, which the Drug Enforcement Agency (DEA) claims are 100 times more strong than morphine.
Warren said that the Digital Assets Anti-Money Laundering Act might aid in the abolition of the disease. She then said that the proposal would be reintroduced in Congress.
“Crypto is helping fund the fentanyl trade, and we have the power to shut that down,” Warren said.
As Coincu reported, three US conservative groups oppose Republican Senators Roger Marshall, Warren, and Chris Van Hollen’s efforts on digital asset legislation.
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