Elizabeth Warren Brings Up Crypto Use In Fentanyl Trade, Says Enough To 'Kill 9 Billion People'

Zinger Key Points
  • Warren urged for the enactment of her proposed bill, the Digital Asset Anti-Money Laundering Act.
  • Warren emphasized the role of crypto in fentanyl drug transactions

Senator Elizabeth Warren (D-Mass.) emphasized the role of crypto in fentanyl drug transactions during a Wednesday congressional hearing. 

What Happened: Speaking during a Senate Banking Committee meeting, Warren urged for the enactment of her proposed bill, the Digital Asset Anti-Money Laundering Act, which would close loopholes “in our anti-money laundering rules and cuts off drugs suppliers and cartels from using crypto to fuel their illegal business.”

Referencing a report by Elliptic, Warren quoted that 90 Chinese suppliers traded “enough precursor drugs in exchange for crypto to produce $54 billion worth of fentanyl pills.” She further stated that this amount of fentanyl would be enough to “kill nearly 9 billion people, all paid for by crypto.”

Fentanyl and other synthetic opioids have been implicated in a growing epidemic of overdose deaths. According to the US Centers for Disease Control and Prevention, over 150 people die every day from overdoses related to synthetic opioids such as fentanyl.

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Why It Matters: During the congressional hearing, Warren asked Elizabeth Rosenberg, who serves as the assistant secretary for Terrorist Financing and Financial Crimes at the Treasury Department, about the use of cryptocurrency by Chinese companies in drug transactions. 

Rosenberg, who testified at the hearing, confirmed that “some of these precursor manufacturers and illicit drug organizations have used” cryptocurrency to facilitate drug transactions.

Earlier, Warren voiced concerns about the environmental impact and energy consumption of Bitcoin BTC/USD mining in the U.S. 

Price Action: At the time of writing, BTC was trading at $26,796, down 1.92% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Fall Amid Inflation Worries: Analyst Says If Apex Coin Was Superman Then Fed Tightening Is Its Kryptonite

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Posted In: CryptocurrencyNewsMarketsElizabeth WarrenFentanyl
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