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HomeOpinionWhy Elizabeth Warren Is Wrong About Crypto and the Fentanyl Epidemic

Why Elizabeth Warren Is Wrong About Crypto and the Fentanyl Epidemic

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TL;TD:

πŸ” U.S. Senator Elizabeth Warren claims that crypto is facilitating the global fentanyl trade and calls for a crackdown on the industry. πŸ“‰ Research from Chainalysis and Elliptic suggests that at least $37.8 million worth of crypto has been sent to drug manufacturers in China since 2018. πŸ’Š The context of crypto’s alleged use in drug sales needs to consider the scale of the fentanyl economy and the global illicit drug trade. 🌐 Chainalysis’ figure of “less than 1%” of crypto transactions connected to crime is likely incomplete and based on identifiable addresses. πŸ” On-chain privacy in crypto transactions is minimal, and many clearnet drug marketplaces accept crypto as a payment option. πŸ’° Crypto does not play a dominant role in the illicit drug industry, and its use is a data point in the broader story of increasing internet use. ⚠️ It’s important to be honest about crypto’s association with online drug markets and address the industry’s limitations for its own benefit.

Facts

  • U.S. Senator Elizabeth Warren criticizes crypto and urges a crackdown due to its role in the global fentanyl trade.
  • Research estimates that approximately $37.8 million worth of crypto has been sent to Chinese drug manufacturers since 2018.
  • The scale of the fentanyl economy and the global illicit drug trade should be considered in understanding crypto’s alleged involvement.
  • Chainalysis’ claim of “less than 1%” of crypto transactions being tied to crime is likely incomplete and based on identifiable addresses.
  • Clearnet drug marketplaces increasingly accept crypto payments, and some transactions may not be accounted for in analytics firms’ reporting.
  • Crypto does not play a dominant role in the illicit drug industry, and its association should not be singled out as the primary issue.
  • It is crucial for the crypto industry to be honest about its association with online drug markets and acknowledge the technology’s limitations.

Source: Coindesk

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