Key Points:
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
CBOE proposes rule changes affecting Franklin Bitcoin ETF trading, potentially altering purchase timing for traders.
LOS ANGELES, United States, May 7th, 2024, ChainwireGlobal brands and talent will be able to…
Robinhood Wells Notice from the SEC indicates potential legal action over alleged securities violations in…
Blast Review, the first Layer 2 providing automatic profits to ETH assets and stablecoin holdings,…
Milan, Italy, May 7th, 2024, ChainwireCryptocurrency casino platform TG.Casino and iconic Italian football team AC…
Ethena Labs' USDe will now serve as collateral for trading perpetual futures on Bybit, offering…
This website uses cookies.