Benzinga - Senator Elizabeth Warren’s (D-Mass.) Digital Asset Anti-Money Laundering Act has won the public endorsement of nine fellow senators.
What Happened: Nine U.S. senators have publicly backed Warren’s initiative to curb illegal cryptocurrency activities, a press release said.
The proposed legislation, dubbed the Digital Asset Anti-Money Laundering Act, aims to combat illicit activities such as money laundering, drug trafficking, and sanction evasion that leverage cryptocurrencies.
Support for the bill is drawn from a bipartisan coalition, with the official announcement from Warren’s office naming Senators Gary Peters (D-Mich.), Dick Durbin (D-Ill.), Tina Smith (D-Minn.), Jeanne Shaheen (D-N.H.), Bob Casey Jr. (D-P.A.), Richard Blumenthal (D-Conn.), Michael Bennet (D-Colo.), Catherine Cortez Masto (D-Nev.) and Angus King (I-Maine) publicly endorsed the bill.
See Also: Crypto Crash: Over 80% Of Shiba Inu And Other Crypto Investors Are Underwater
Why It Matters: The bill, reintroduced by Warren in July 2023 and co-sponsored by Senators Joe Manchin (D-V.W.), Roger Marshall (R-Kan.), and Lindsey Graham (R-S.C.), suggests several legal measures. These include applying the Bank Secrecy Act to noncustodial digital wallets and setting up an Anti-Money Laundering / Combating the Financing of Terrorism compliance examination.
Warren highlighted a “$50 billion crypto tax gap,” warning that the Internal Revenue Service and U.S. Treasury could lose approximately $1.5 billion in tax revenue for the 2024 fiscal year if tax policy is not updated promptly.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $26,646.14, up 0.43% in the last 24 hours, according to Benzinga Pro.
Photo by Rich Koele on Shutterstock
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