If you talk to Sam Bankman-Fried or other crypto kingpins, they’ll say that their industry is special. So special that they deserve special exceptions from basic rules of the road. What could go wrong?

But a foundational principle of our financial system is that the same rules should apply to the same kinds of transactions with the same kinds of risks.

So I’ve been ringing the alarm bell on the dangers of crypto loopholes. And this week, I introduced a bipartisan bill to make the crypto industry follow the same money-laundering standards that every bank, every broker, and Western Union all have to follow today.

With this bill, we can crack down on the ways rogue nations, oligarchs, and drug lords use crypto to launder billions, evade sanctions, and finance terrorism.

The crypto industry has deep pockets and doesn’t want to see these rules in place. To pass this bill, Washington needs to hear that the American people are calling for change. Add your name as a grassroots co-sponsor of my new Digital Asset Anti-Money Laundering Act. [[link removed]]

Here’s some more background on why we need these reforms in place:

Right now, if a bank takes money from terrorists, the bank and the banker have broken the law. So banks spend time and energy on identifying who customers are and on reporting suspicious activities to authorities.

But a lot of crypto firms aren’t running those same kinds of checks. So crypto’s become the preferred tool for terrorists, ransomware gangs, drug dealers, human traffickers, and rogue states that want to launder money.

In 2021, at least $14 billion in digital assets went to criminals — that’s a lot of bombs, drugs, and nuclear materials, but it’s likely just the tip of the iceberg. A new report shows one crypto exchange helped launder over $10 billion for criminals and countries like Iran. It’s the dark belly of the crypto industry.

Crypto doesn’t get a pass to help the world’s worst criminals, no matter how many television ads they run or how many political contributions they make. The industry will use their money and power to try to block reform, so we’ll have to fight back — side by side.

Add your name if you support the Digital Asset Anti-Money Laundering Act, and let’s get this done. [[link removed]]

Thanks for being a part of this,

Elizabeth

DONATE [[link removed]]

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