US Senator Roger Marshall withdraws support for Anti Crypto Bill proposed by Elizabeth Warren
United States Senator Roger Marshall from Kansas has withdrawn his support for the proposed crypto anti-money laundering bill he introduced along with Democrat Senator Elizabeth Warren of Massachusetts.
Republican Senator Marshall became the first co-sponsor to withdraw support for the contentious Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA). Nonetheless, 18 senators who are co-sponsoring the bipartisan bill continue to support it, according to congressional legislative records as seen this week.
The bill, first proposed by Warren and Marshall in December 2022, aims to strengthen American anti-money laundering regulations pertaining to digital assets. The legislation would guarantee that the same standards apply to similar financial transactions, as banks, brokers, and Western Union do, according to Warren's statement at the time. The bill intends to close current security loopholes in cryptocurrency by extending know-your-customer and anti-money laundering verification responsibilities to miners, validators, digital asset service providers, and other participants.
In July 2023, the bill was reintroduced with support from the Bank Policy Institute (BPI), an organization that advocates for major banks such as Citibank and Bank of America. BPI hopes to engage in this process to defend the country's financial system from illicit finance in all its forms. BPI states that through this process there would be an account for digital assets within the framework of the Bank Secrecy Act and existing anti-money laundering laws.
A new AML review procedure to enforce Bank Secrecy Act compliance on digital asset entities is also proposed by a section of the anti-money laundering bill, which would be overseen by the Treasury, Securities and Exchange Commission, and Commodity Futures Trading Commission, the post added.
The Blockchain Association, a nonprofit that advocates for the interests of the US cryptocurrency market, wrote to Congress in January and February expressing concerns about the bill. One of the 80 co-signed letters signed by national security experts and former military personnel with experience with digital assets said, [The bill] risks our nation's strategic advantage, threatens tens of thousands of United States jobs, and bears little effect on the targets, which are the illicit actors.
🚨 HUGE NEWS! 🚨
— Perianne (@PerianneDC) July 25, 2024
After tremendous community pressure, Sen. @RogerMarshallMD has withdrawn his support for the Crypto Ban Bill S2669. This is a massive victory for our community! It's incredibly rare for a senator to back away from their own bill.
We only have one more… https://t.co/eNuK1NEKkU
Sen. Marshall has withdrawn his support for the Crypto Ban Bill S2669 in response to intense community pressure. On Thursday, Perianne Boring, the founder and CEO of The Digital Chamber, a trade association for blockchain technology, said "It is extremely rare for a senator to rescind a bill they have personally sponsored. He explained that it is a huge win for the cryptocurrency community.
The Digital Asset Anti-Money Laundering Act (DAAMLA) introduced by Warren has lost Senator Marshall's support, which is great to see, according to Galaxy Head of Research Alex Thorn. The disastrous bill would criminalize mining, nodes, software developers, and other individuals, Thorn added.
John Deaton, a pro-crypto attorney who has 80% of his wealth invested in Bitcoin (BTC) and other investments related to BTC, declared on February 20 that he would challenge Warren as a Republican in Massachusetts's election in 2024.
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