Discord regarding Bitcoin and cryptocurrencies persists between U.S. lawmakers after a year of growth for global adoption and the coming of spot BTC ETFs.

Senator Cynthia Lummis disagreed with her fellow Senator Elizabeth Warren following comments from the latter over illicit wealth funneled through cryptocurrencies by criminals worldwide. 

Sen. Warren pointed to a single case of $900,000 laundered by the notorious Sinaloa Cartel using digital assets supported by blockchain technology. Warren cited the matter while arguing for stricter measures on crypto and virtual currencies due to the widespread illegal activities carried out via these emerging assets.

However, as Lummis highlighted, Warren failed to mention nearly $1 billion in money laundering operations masterminded by the same cartel in previous years. This $900 million of criminal cash was filtered through monetary systems using fiat currencies.

The data contradicts Warren’s claims that crypto is the primary channel for money laundering and criminal financing. 

Crypto is clearly not the problem. Criminals and bad actors are. It would be a historic mistake to crush an entire emerging industry based on incorrect data.

Senator Cynthia Lummis

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Author: Naga Avan-Nomayo

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