Nine U.S. Senators Publicly Support Elizabeth Warren’s Cryptocurrency Legislation

Nine United States Senators have openly supported Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, confirming the legislation’s bipartisan support. This is a huge breakthrough for the bitcoin industry.

According to an official statement from Senator Warren’s office, the following Senators have joined the bipartisan coalition supporting the bill:

Democratic Party Senators Gary Peters , Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, Catherine Cortez Masto.

Additionally, independent Senator Angus King has also expressed support for the legislation. Notably, Senator Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Senator Durbin chairs the Senate Judiciary Committee.

Warren’s Vision for the Bill

Senator Warren, a prominent advocate for increased regulation of cryptocurrencies, welcomed the growing support for the bill. She remarked:

“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.”

Senator Warren

The Digital Asset Anti-Money Laundering Act has garnered endorsements from various organizations, further highlighting its significance.

These organizations include 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.

A Closer Look at the Bill

Senator Warren reintroduced the Digital Asset Anti-Money Laundering Act in July 2023, along with Senators Joe Manchin, Roger Marshall, and Lindsey Graham. The current version of the bill aims to address several key issues related to cryptocurrencies, including:

• Cracking Down on Noncustodial Digital Wallets: The bill seeks to regulate noncustodial digital wallets, a critical aspect of cryptocurrency transactions.

• Extending Bank Secrecy Act Responsibilities: It proposes extending the responsibilities outlined in the Bank Secrecy Act to cover digital assets, enhancing regulatory oversight.

• Anti-Money Laundering/Combating the Financing of Terrorism Compliance Examination: The bill introduces measures to strengthen compliance examinations related to anti-money laundering and the prevention of terrorism financing.

Closing the Crypto Tax Gap

Senator Warren has expressed concern about what she refers to as a “$50 billion crypto tax gap.” She believes that the Internal Revenue Service and U.S.

Treasury risk missing out on approximately $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.

As this bipartisan coalition continues to grow, it reflects the increasing momentum behind efforts to regulate and oversee the cryptocurrency industry in the United States.

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