Nine U.S. Senators have thrown their weight behind Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act. This bipartisan coalition, comprising both Democratic and independent Senators, reflects a united front against the illicit use of cryptocurrencies.
The Expanded Support and Notable Committee Chairs
Senator Elizabeth Warren’s official senate webpage recently announced a substantial expansion of support for her Digital Asset Anti-Money Laundering Act. Also joining this bipartisan initiative are Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, Catherine Cortez Masto, and independent Senator Angus King.
Gary Peters, chair of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, chair of the Senate Judiciary Committee, are among the prominent Senators endorsing this bill. Their positions bring added weight to the legislative effort to combat cryptocurrency-related illicit activities.
Senator Warren’s Vision
Senator Warren herself welcomed this newfound support, emphasizing the bill’s comprehensive approach:
“Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
Broad-Based Endorsements and Legislative Evolution
The Digital Asset Anti-Money Laundering Act has garnered endorsements from various organizations, including 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. This broad support underscores the significance of the proposed legislation.
Senator 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 of the bill targets noncustodial digital wallets, expands Bank Secrecy Act responsibilities. Additionally, it establishes Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations. These measures aim to curtail the illicit use of digital currencies.
Closing the Crypto Tax Gap
Notably, Senator Warren has drawn attention to what she calls a ” $50 billion crypto tax gap.” Delays in updating tax policies could cost the Internal Revenue Service and U.S. Treasury approximately $1.5 billion in tax revenue for the 2024 financial year. This further underscores the urgency of implementing robust cryptocurrency regulations.
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