Nine US Senators Support The Anti-Security Bill On Digital Asset Money Laundering

Senator Elizabeth Warren wants to launch a digital set money anti-tweeting bill (photo: Twitter @SenWarren)

The nine United States Senators have added their support for the Digital Asset Anti-Money Laundering Act proposed by Senator Elizabeth Warren. This is in accordance with a statement from Warren's office.

The official statement on Warren's Senate website lists Democratic Senator Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, along with independent Senator Angus King, of which those who join the cross-party coalition support the bill. Peters served as Chairman of the Senate Government's Homeland Security and Government Affairs Committee, while Durbin was Chair of the Senate Judicial Committee.

Warren himself welcomed the new supporters of the bill. "Our growing coalition shows that Congress is ready to act - our cross-party bill is the loudest proposal in cracking down on the use of crypto assets and providing more tools to regulators in their boxes," Warren was quoted as saying by Cointelegraph.

The bill has also received support from Transparency International US, Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, National Consumer Law Center, and National Consumers League.

Warren reintroduces the Digital Asset Anti-Money Laundering Act, along with Senator Joe Manchin, Roger Marshall, and Lindsey Graham, in July 2023.

In the current version, the document aims to address non-custodial digital wallets, expand the responsibility of the Bank Secrecy Act, establish anti-Money Laundering/Comping the Financing of Terrorism compliance checks, as well as other legal actions against the use of digital money that violates the law.

Warren believes there is a "crypto tax gap of 50 billion US dollars (IDR 767.4 trillion)," with the Internal Revenue Service and the US Treasury at risk of losing about 1.5 billion US dollars (IDR 23 trillion) in tax revenues for the 2024 financial year if tax policy renewals are delayed.