US Senator Elizabeth Warren has called for regulation of cryptocurrency in order to combat money laundering.
In a congressional hearing on Wednesday, Warren said that cryptocurrency is being used by drug traffickers and other criminals to move money around the world anonymously.
Warren cited a recent report by the Drug Enforcement Administration (DEA) that found that cryptocurrency is being increasingly used to facilitate fentanyl trafficking.
The report found that drug traffickers are using cryptocurrency to purchase fentanyl from overseas suppliers and distribute it domestically.
Warren argued that cryptocurrency is a “major enabler” of money laundering because it allows criminals to operate anonymously and to move money across borders quickly and easily. She called on the government to take steps to regulate cryptocurrency in order to make it more difficult for criminals to use it.
The Biden administration has not yet responded to Warren’s call for regulation. However, the Treasury Department has taken some steps to address the issue of cryptocurrency and money laundering.
In October 2022, the Treasury Department announced that it was adding two cryptocurrency exchanges to its sanctions list for their role in facilitating money laundering.
The issue of cryptocurrency and money laundering is a complex one. There are legitimate uses for cryptocurrency, and it is important to balance the need to regulate cryptocurrency with the need to protect its legitimate uses.
However, the evidence is clear that cryptocurrency is being used by criminals, and it is important for the government to take steps to address this problem.
Warren’s call for regulation is likely to be met with resistance from the cryptocurrency industry. The industry argues that regulation would stifle innovation and make it more difficult for legitimate businesses to use cryptocurrency.
However, Warren argues that the risks of cryptocurrency outweigh the benefits and that regulation is necessary to protect the public from criminals.
