Nine United States Senators, including Senator Elizabeth Warren, have voiced their support for the Digital Asset Anti-Money Laundering Act. This bipartisan support strengthens the legislative effort to regulate and combat illicit activities within the cryptocurrency space. The Senators backing the bill include prominent Democratic Party members and Independent Senator Angus King.
Senator Warren’s proposed legislation aims to address various aspects of cryptocurrency regulation, including non-custodial digital wallets, extending the responsibilities outlined in the Bank Secrecy Act, and establishing a framework for Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations. The goal is to curb the illicit use of digital currencies.
One of the key concerns driving Senator Warren’s advocacy for cryptocurrency regulation is the so-called “crypto tax gap,” which she estimates to be around $50 billion. This gap represents potential lost tax revenue for the Internal Revenue Service (IRS) and the U.S. Treasury, emphasizing the urgency of addressing cryptocurrency-related tax evasion and ensuring that taxpayers meet their obligations. The support from Senators and organizations committed to financial transparency underscores the significance of these regulatory efforts.
By FCCT Editorial Team
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