US Senator Roger Marshall Withdraws His Support for Elizabeth Warren’s Anti-Crypto Bill
As per the report, Senator Roger Marshall who co-created the anti-crypto bill with Senator Elizabeth Warren recently announced withdrawal.
The article reported that Republican Senator Marshall has withdrawn co-sponsorship from the bill that was first presented in 2022.
DAAMLA Bill
The bill in question titled Digital Asset Anti-Money Laundering (DAAMLA) has become the source of speculation in various occasions. Democratic Senator Warren and Republican Senator Marshall presented the bill two years ago.
Marshall announced his withdrawal from the sponsorship of the legislator in question on 24th July. After his departure, 18 Senators continue to lend support to the bill as per the official directory of Congress.
When presenting the bill for the first time in December 2022 Senator Warren stated that crypto had become an apparatus for rouge nations, drug traffickers, human smugglers, and oligarchy.
She further alleged that cryptocurrencies were misused by bad actors to launder money valued in billions of dollars acquired through illegal means. The bill also intends to amplify Anti-Money Laundering and Counter Terror Financing regulations to the industry.
DAAMLA bill regained some momentum within the crypto community in July 2023. This bill is directed toward blocking illegal utility of crypto assets that are misappropriated for money laundering and terrorism financing.
Bill also listed a number of crypto services that are operating as financial institutions. This list is inclusive of a wide array of crypto firms such as validators, decentralized wallet providers, and miners that should be subjected to the Bank Secrecy Act.
Unsurprisingly, numerous crypto companies and individuals have spoken out about DAAMLA. The critics of the bill retain that the bill has exaggerated the use of cryptocurrencies in funding terrorist activities and in supporting illegal ventures.
The group has also argued that the anti-crypto legislator had the potential to damage the crypto industry in the United States. As of 20th February, the Chamber of Digital Commerce (CDC), an advocacy group for digital assets asked the Senate Banking Committee to refrain from considering DAAMLA.
The CDC further stated that this bill could evaporate hundreds of billions of dollars for US startups. Furthermore, it also had the potential to savings of American investors who were investing in cryptocurrency in an illegal manner.
A group of 80 former military and National Security personal from the US government wrote a letter addressing legislators to halt support for the DAAMLA bill.
Chamber of Digital Commerce Dubs Anti-crypto Bill a National Security Threat
The Chamber of Digital Commerce raised a number of important reservations regarding the anti-crypto bill. The letter addressed to top US officials indicated that DAAMLA could serve as an obstacle to the law enforcement process and pose a threat to national security.
As per analysts, this bill could divert a massive amount of digital asset investments and industry to overseas locations.
Senator Warren is participating in the reelection race for 2024 from the state of Massachusetts. As of 20th February, pro-crypto legislator John Deaton announced his candidacy from the Republican Party. He has been campaigning to unseat Senator Warren. The new policy safeguards consumer choice while avoiding illegal crypto activity.
Financial Technology Protection
The House of Representatives passed the Financial Technology Protection Act on 22nd July 2024. The bill was first introduced in April 2023. Zach Nunn, the representative of the legislative document, noted that it focuses on addressing security concerns and bars illegal money laundering activities in the region while protecting consumer choice.
Nunn and Jim Himes noted that the bill also describes legal points to ensure how the foreign and rouge nations could bypass sanctions. The representatives of the framework noted that it is important to ensure a long-term integrity of digital assets.
Before withdrawing from the 2024 elections, President Biden used a veto on a resolution approved by the Senate and House about a Securities and Exchange Commission policy that would allow banks to add cryptocurrencies as liabilities.
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