Recently, Senator Elizabeth Warren’s legislation to prevent future crypto scams has been endorsed by a cybersecurity expert. During a Senate hearing, Warren outlined the increase in crypto-scams targeting elderly Americans, with losses totaling more than $1 billion. Steve Weisman, a recognized cybersecurity expert, noted that tracing crypto is significantly more difficult than credit card fraud, as it passes through mixers.
Weisman then expressed support for Warren’s Digital Asset Anti-Money Laundering Act, a new initiative that seeks to ensure digital assets are treated the same way as traditional fiat currency when it comes to Anti-Money Laundering. He described the legislation as “long overdue” and “a no-brainer”.
Recent reports indicate a significant increase in crypto hacks and scams during the latest quarter compared to the same period last year. According to Blockchain Security Firm Immunefi, the number of attacks targeting Web3 and crypto projects has increased by 153% since July 2023. The losses for this recent quarter were approximately $686 million.
Nine United States Senators have publicly supported Warren’s Digital Asset Anti-Money Laundering Act, including Gary Peters (a member of the Senate Homeland Security and Governmental Affairs Committee) and Dick Durbin (the chair of the Senate Judiciary Committee).