Deniz 
Republican Senator Roger Marshall has backed off from supporting the divisive anti-crypto legislation he co-created with Democrat Senator Elizabeth Warren in 2022, the Digital Asset Anti-Money Laundering Act. According to the official Congress directory on the measure, Marshall withdrew his support as a “courgeor,” leaving 18 senators still backing the measure on July 24.
Together in December 2022, Marshall and Warren presented the DAAMLA bill. Senator Warren said, in reference to “rogue nations, oligarchs, drug lords, and human traffickers […] to launder billions in stolen funds,” that crypto was being used. Under current Anti-Money Laundering and counter-terrorism financing systems, the measure seeks to bring the crypto sector to heel.
The measure notably names a wide range of crypto service providers—including miners, validators, and distributed wallet providers—as financial institutions, requiring adherence to Bank Securrency Act requirements. In July 2023, Warren brought the DAAMLA measure back to the US Senate. It targets illegal crypto asset use for financing terrorism and money laundering.
Many crypto companies and people have criticized the proposed laws for greatly overstretching the influence of cryptocurrencies in financing illegal activity and terrorism and cautioned that they may compromise the US crypto sector.
Saying that it would “erase hundreds of billions of dollars of value for US startups and decimate the savings of countless Americans who had legally invested in crypto,” US-based crypto advocacy group the Chamber of Digital Commerce (CDC) urged the Senate Banking Committee not to consider the DAAMLA bill on February 20.
Eighty former US government military and national security officers wrote a letter alerting legislators against endorsing the DAAMLA bill on February 13. The officials in the letter cautioned that the legislation would “drive the majority of the digital asset industry overseas,” therefore compromising law enforcement and raising national security issues.
Rising to represent Massachusetts, Senator Warren is seeking reelection in 2024. Pro-crypto attorney John Deaton declared on February 20 that he would run as a Republican, aiming to remove Senator Warren from office.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.