Crypto is funding businesses in China that fuel the fentanyl trade, Senator Elizabeth Warren says
Senator Elizabeth Warren this week called for greater regulation of the cryptocurrency market as a recent report shows digital currencies are being used to fund the fentanyl trade in China.
At a Wednesday hearing at the Senate Banking Committee, Warren pointed to crypto's use among Chinese businesses that produce and sell fentanyl, citing statistics from a recentResearchers from the blockchain analytics firm found that 90% of Chinese companies that supplied fentanyl accepted payments in cryptocurrency.
Crypto wallets owned by these companies have already received $27 million in payments, an amount that could potentially be used to supply up to $54 billion in fentanyl pills in street value, per Elliptic's analysis. Warren's calls for tighter controls come as the US battles an opioid crisis, with overdose fatalities notching a new record in 2022, according to the
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