June 5, 2024
Latest Cryptocurrency News

Warren Urges Biden to Combat Crypto Use in Fentanyl Trafficking

U.S. Senator Elizabeth Warren, known for her stance against cryptocurrency, has called upon the Biden administration to provide updates on its endeavors to combat the use of digital currencies in international fentanyl trafficking. Partnering with Sen. Bill Cassidy, Warren emphasized crypto’s growing role in the global fentanyl trade.

Crypto’s Alleged Facilitation of Illegal Fentanyl Trafficking

Warren and Cassidy highlighted instances where both the current and former administrations acknowledged crypto’s role in enabling international fentanyl trafficking and took steps to address it. They specifically pointed to the use of decentralized cryptocurrency exchanges, aiding Chinese-supplied fentanyl precursors to evade law enforcement detection.

Concerns Raised by Investigative Findings

Citing a May 2023 probe, the senators stated that 90% of China-based enterprises producing fentanyl precursors accept cryptocurrency payments. These transactions, which amounted to nearly $30 million, could potentially produce fentanyl pills worth a staggering $54 billion. They underscored the surge in crypto transactions with these companies, which grew by 450% year-on-year, attributing it to the anonymity of digital currencies.

Seeking Government Action and Assessment

While acknowledging previous efforts by the Biden administration, Warren and Cassidy requested the government’s current assessment of crypto’s role in the illegal drug trade and its actions since December 2021. Additionally, they sought information on any challenges or legal constraints faced in addressing cryptocurrency’s involvement in illegal drug transactions. This request comes with a deadline for responses set for June 14, 2024.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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