Nine United States Senators have publicly supported Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, as announced on Warren’s official Senate website. The bipartisan coalition backing the bill includes Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, along with independent Senator Angus King. Gary Peters serves as the chair of the Senate Homeland Security and Governmental Affairs Committee, while Dick Durbin chairs the Senate Judiciary Committee.
Senator Warren welcomed the additional support, emphasizing that the expanding coalition demonstrates Congress’s readiness to take action against the illicit use of cryptocurrencies and provide regulators with enhanced tools to address these issues. The Digital Asset Anti-Money Laundering Act has garnered 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, alongside Senators Joe Manchin, Roger Marshall, and Lindsey Graham. The latest version of the bill aims to target noncustodial digital wallets, extend Bank Secrecy Act responsibilities, establish Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations, and implement other legal measures to combat the illicit use of digital currencies.
Warren has expressed concerns about a “crypto tax gap” of $50 billion, warning that the Internal Revenue Service and U.S. Treasury could miss out on approximately $1.5 billion in tax revenue for the 2024 fiscal year if a tax policy update is delayed.
