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Senator Elizabeth Warren Expands Coalition to Crack Down on Crypto's Illicit Use

Senator Elizabeth Warren has expanded her coalition to tackle the illicit use of cryptocurrency in money laundering, drug trafficking, and sanctions evasion. Nine other Senators have joined her Digital Asset Anti-Money Laundering Act, including Senators Gary Peters and Dick Durbin. The bill has also received endorsements from various institutions.

The current version of the bill aims to regulate non-custodial digital wallets, extend Bank Secrecy Act responsibilities, and establish an anti-money laundering/combat financing terrorism (AML/CFT) compliance examination. Warren believes that there is a "crypto tax gap" of $50 billion and that the IRS and Treasury risk losing out on $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.

Cryptocurrency Money Laundering
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