Nine United States Senators have expressed their support for Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, as confirmed by an official statement from Senator Warren’s office.
The press release, available on Senator Warren’s official senate webpage, specifically identifies the Democratic Party Senators who have joined this bipartisan coalition. They include Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, Catherine Cortez Masto, along with independent Senator Angus King. Notably, Senator Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Senator Durbin chairs the Senate Judiciary Committee.
Senator Warren welcomed the support of these new backers and emphasized the bill’s significance, stating:
“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.”
Furthermore, this legislation has received 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.
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, including regulating noncustodial digital wallets, expanding Bank Secrecy Act obligations, establishing Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations, and implementing other legal measures to combat the illicit use of digital currencies.
One of Senator Warren’s concerns is what she refers to as a “$50 billion crypto tax gap.” She believes that if tax policy updates are delayed, the Internal Revenue Service and U.S. Treasury could potentially miss out on approximately $1.5 billion in tax revenue for the 2024 fiscal year.
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