U.S Senator Proposes New Bill to Close Loopholes in Crypto Sector

• As per Warren,Chinese companies are profiting from the ongoing Fentanyl crisis.
• She reaffirmed that the use of cryptocurrency transactions is linked to criminal behavior.

On Saturday, US Senator Elizabeth Warren hinted at the prospect of presenting a measure to prohibit loopholes in the cryptocurrency business. After her recent accusation that cryptocurrency payments were implicated in the Chinese fentanyl trade.

According to previous reports, Warren has provided evidence from her own study that supports assertions that Chinese companies are profiting from the ongoing Fentanyl crisis by receiving millions of dollars in cryptocurrency.

Did you know that rogue nations, oligarchs, and drug lords use crypto to launder billions in stolen funds, evade sanctions, and finance terrorism? It’s a big problem, but one we can fix.
I have a bill that will close loopholes and apply common-sense rules to the industry. https://t.co/wcIqKFmPqi

— Elizabeth Warren (@ewarren) June 3, 2023

Closing Existing Loopholes

Recently, the crypto market community has become more frustrated with the senator for her assaults on the sector. The U.S. Securities and Exchange Commission’s (SEC) continuous regulatory monitoring of crypto firms is in addition to these assaults.

The other side of the coin is that some lawmakers in the United States have recently expressed their support for a free and open crypto market environment in the nation. As we go closer to the 2024 US presidential election. The political elite is becoming more and more split between those who oppose crypto and those who favor it.

Moreover, on Saturday, Senator Warren alluded to the existence of legislation. That would regulate the cryptocurrency business by closing existing loopholes. She reaffirmed that the use of cryptocurrency transactions is linked to criminal behavior. Such as money laundering, sanction dodging, and the funding of terrorism.

Just recently, the Senator raised some valid points. Concerning the potential negative effects of Bitcoin mining on the environment. And, also the amount of energy it consumes. Her ties to SEC Chair Gary Gensler, another vocal opponent of the U.S. cryptocurrency market, have earned her plenty of criticism from crypto enthusiasts.