.SenWarren wants to shut off the pipeline of crypto-funded fentanyl chemicals from China, and Treasury’s RosenbergEliz says Chinese companies like crypto for the same reasons criminal cartels do. jesseahamilton reports
The prominent member of the Senate Banking Committee referred tothat revealed more than 90 Chinese businesses offering to ship fentanyl precursors, with almost all of them taking crypto in exchange.
“Unfortunately, that is a mode that some of these precursor manufacturers and illicit drug organizations have used – the receipt of bitcoin payments in wallets, cryptocurrency wallets,” said Elizabeth Rosenberg, the U.S. Treasury Department’s assistant secretary for terrorist financing and financial crimes, in testimony during the panel’s hearing.
“The reason why they would find this appealing is the same reason that other financial criminals would find it appealing, which is to say there's an element of pseudonymity that they seek,” Rosenberg said. U.S. overdoses involving fentanyl have become the leading killer for those aged 18-45. The chemicals used to manufacture the dangerous drug often come from China and wind their way across multiple borders on their path to U.S. users of the synthetic opioid, which the Drug Enforcement Administration says is
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