March 27, 2024
Latest Cryptocurrency News

US Crypto Advocacy Group Opposes Senator Warren’s Anti-Money Laundering Legislation

In a recent development, the Chamber of Digital Commerce (CDC), a prominent US crypto advocacy group, has vehemently opposed Senator Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act (DAAMLA). The group asserts that the legislation poses a significant threat to the entire crypto industry, labeling it as “the greatest threat our industry has faced.”

The CDC took to Twitter to express its concerns, accusing Senator Warren of attempting to dismantle the crypto industry. The group went a step further by calling for action against the bill, promoting a petition to stop what they describe as “a proposed crypto ban.”

In a letter addressed to Senate Banking Committee Chair Sherrod Brown, signed by CDC’s founder and CEO, Perianne Boring, the advocacy group warned that if DAAMLA is passed, it could erase hundreds of billions of dollars in value for US startups and jeopardize the savings of countless Americans invested in the asset class.

The CDC’s primary contention with the proposed bill revolves around what they describe as “draconian” transaction reporting requirements imposed on crypto miners and validators. The group analogized these requirements to an “ink manufacturer tasked with tracking every individual who ever handles a single dollar bill printed with their ink, across the entire globe.”

Moreover, the CDC raised concerns about potential national security implications, stating that DAAMLA could result in the United States ceding its leadership position in the digital economy to other nations such as China, Russia, North Korea, and Iran.

This opposition to DAAMLA is not isolated, as it joins a chorus of voices within the crypto industry. The Blockchain Association, representing industry interests in Washington, previously expressed its concerns in a letter signed by 80 individuals, including former military, law enforcement, national security, and intelligence officers.

With the debate around DAAMLA intensifying, the crypto industry faces renewed scrutiny in the lead-up to the US Presidential elections this year. US Congressman French Hill recently questioned the implications of subjecting digital asset miners and validators to the same regulations as traditional financial institutions, echoing concerns shared by many within the industry.

Image from Wikimedia Commons

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