WASHINGTON—Cryptocurrency is being used by criminals in the Chinese fentanyl trade to launder money, and Congress needs to act, according to Sen. Elizabeth Warren (D-MA).
“Crypto is helping fund the fentanyl trade, and we have the power to shut that down,” Warren said. “It's time.”
Fentanyl has emerged as the leading cause of death among American adults today, and many of the ingredients for fentanyl come into Mexico through China, where it eventually makes its way to the United States, The Street.com reported.
The senator said she plans to reintroduce a draft bill that would offer better know-your-customer rules and help crack down on money laundering in crypto. Known as the Digital Asset Anti-Money Laundering Act, the legislation will also make it more difficult to use privacy mixers to hide the source of funds, TheStreet noted.
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