Senators Elizabeth Warren and William Cassidy of the United States are requesting an update on the most recent findings regarding the use of crypto in the illicit fentanyl market.
On May 29, Senators Warren and William Cassidy penned a letter requesting an update on the measures taken by the Biden Administration to combat the use of cryptocurrencies by drug traffickers to launder their illicit profits and expand their operations.
Addressed to the director of the Drug Enforcement Administration, Anne Melissa Milgram, and the Office of National Drug Control Policy, Rahul Gupta, the letter restated their long-standing claim that cryptocurrencies have “become increasingly prominent” in the fentanyl trade, with a significant portion of the drug reaching the United States for consumption.
Warren and Cassidy have requested that the agencies respond by June 14 regarding the extent to which they consider cryptocurrency to be involved in drug trafficking, the identification of novel initiatives that will be executed within the following year, and the utilization of metrics that will gauge the efficacy of efforts to combat the illicit trade of cryptocurrencies for fentanyl.
“What obstacles do your offices encounter when attempting to prevent using cryptocurrencies in illicit drug transactions?” inquired the two senators.
Senators cited a May 2023 investigation that revealed that approximately eighty Chinese suppliers of fentanyl precursors received cryptocurrency payments totaling nearly $30 million in support of their position.
“[This is] enough to purchase the necessary precursors to produce a staggering $54 billion worth of fentanyl pills.”
Warren has faced prior censure for using misconstrued data to support her anti-crypto agenda.
Warren referenced an October 2023 article from The Wall Street Journal in a letter concerning illicit cryptocurrency activity. However, the article provided an inaccurate account of the degree to which Hamas utilized cryptocurrency to finance its terrorism endeavors associated with the Israel-Palestine conflict.
Despite the WSJ revising the misquoted data, Warren refrained from delivering a public response.
John Deaton, an advocate for XRP and U.S. attorney, is vying for Warren’s Senate seat in Massachusetts within the next few months.
“I eagerly anticipate the day when we will discuss income inequality and the opioid crisis while standing on a stage together,” Deaton said at Consensus.
