Nine US Senators have publicly supported Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, which seeks to crack down on “crypto’s use in money laundering, drug trafficking, and sanctions evasion.”
Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, as well as independent Senator Angus King, are listed in a press release on Elizabeth Warren’s official Senate website as members of the coalition supporting the bill.
Peters chairs the Senate Committee on Homeland Security and Governmental Affairs, while Durbin chairs the Senate Judiciary Committee.
Warren herself welcomed the new supporters of the measure, saying:
“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.”
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 have also endorsed this bill.
In July 2023, Warren and Senators Joe Manchin, Roger Marshall, and Lindsey Graham reintroduced the Digital Asset Anti-Money Laundering Act.
In its current form, the document intends to crack down on noncustodial digital wallets, expand Bank Secrecy Act responsibilities, establish an Anti-Money Laundering/Countering the Financing of Terrorism compliance examination, and take additional legal measures to combat the illegal use of digital currency.
Warren believes there is a “$50 billion crypto tax gap,” with the Internal Revenue Service and U.S. Treasury at risk of losing approximately $1.5 billion in tax revenue for fiscal year 2024 if a tax policy update is delayed.