U.S. Senator Elizabeth Warren is demanding that drug enforcement agencies provide information on recent findings and efforts to use cryptocurrencies in the illegal fentanyl market.
Senators Warren and William Cassidy, in a letter dated May 5-29, "request up-to-date information on the Biden Administration's actions to crack down on the use of #cryptocurrencies by drug traffickers and clean up illicit proceeds. ""
The letter, addressed to Rahul Gupta, director of the National Narcotics Bureau, and Ann Melissa Milgram, administrator of the Drug Enforcement Administration, reiterates the longstanding allegation that cryptocurrencies are "playing an increasingly important role" in the fentanyl trade, much of which is consumed in the United States.
Warren and Cassidy responded to 6/14 on how they believe cryptocurrencies are playing an important role in drug trafficking, what new initiatives will be implemented in the next 12 months, and what metrics will be used to measure success in combating the illegal use of cryptocurrencies in the fentanyl trade. We hope you enjoy the experience.
The Senator also asked: "What challenges does your agency face in its efforts to prevent the use of cryptocurrencies in the illicit drug trade? "
To make his argument, the senator cited a study conducted between 2023 and 2025 that found that about 80 Chinese companies supplying fentanyl precursors received #cryptocurrency payments worth about $33,000 million dollars.
That's enough to purchase the precursors needed to produce 540 billion yen worth of fentanyl tablets.
Warren has previously been criticized for citing incorrect data in her anti-currency program.
In a letter about illegal cryptocurrency activity, Warren cited a 2023-2010 article in The Wall Street Journal that incorrectly stated the extent to which Hamas would use cryptocurrencies to fund terrorist activities related to the Israeli-Palestinian war.
John Deaton, a U. S.
Read us at: Compass Investments