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Blockchain Association Issues Warning On Senator Warren’s New Crypto Bill

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The Blockchain Association has raised concerns over Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA).

Doubled Signatories

The Association has sent two letters to Congress criticizing DAAMLA, with the latest letter doubling the initial 40 signatories to 80 former U.S. military, national security, and intelligence officers.

Ineffectiveness and Risks

The Association claims DAAMLA risks the nation’s strategic advantage, threatens U.S. jobs and is ineffective against crypto criminals.

Warren argued that the Association is undermining congressional efforts to curb crypto-related terrorist financing. She demanded they disclose information on hiring ex-government personnel.

Brown’s Sway over Bill’s Advancement

Senator Sherrod Brown, Chair of the Senate Banking Committee, has not yet endorsed DAAMLA. His support holds sway over the bill’s advancement.

Infeasibility of Requirements

The Association criticizes DAAMLA for potentially requiring bitcoin miners and other validators to comply with Know-Your-Customer (KYC) and Bank Secrecy Act (BSA) regulations, which many believe to be infeasible.

In March, the Association will again visit Capitol Hill to discuss DAAMLA with policymakers.

You can read the full letter here: The Blockchain Association’s Letter

According to one crypto analyst, “This bill threatens the very spirit of decentralization.”

The post Blockchain Association Issues Warning On Senator Warren’s New Crypto Bill appeared first on Althalla.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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