Nine US Senators have expressed their support for Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, as stated in a press release from Warren’s office.
The official press release on Warren’s senate webpage lists Democratic Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, as well as independent Senator Angus King, as members of the bipartisan coalition backing the bill. Peters is the chairman of the Senate Homeland Security and Governmental Affairs Committee, while Durbin chairs the Senate Judiciary Committee.
Warren expressed her gratitude to the new supporters of the bill, stating:
“The growing support demonstrates that Congress is prepared to act – our bipartisan bill is the most stringent proposal available to combat the illicit use of crypto and to provide regulators with more tools.”
Transparency International U.S., 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, along with Senators Joe Manchin, Roger Marshall, and Lindsey Graham, reintroduced the Digital Asset Anti-Money Laundering Act in July 2023. The current version aims to regulate noncustodial digital wallets, extend Bank Secrecy Act obligations, establish an Anti-Money Laundering/Combating the Financing of Terrorism compliance examination, and implement other legal measures to curb the illegal use of digital currency.
Warren estimates a “$50 billion crypto tax gap,” with the Internal Revenue Service and US Treasury potentially losing approximately $1.5 billion in tax revenue for the 2024 fiscal year if there is a delay in updating the tax policy.
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