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Blockchain Association Condemns Senator Warren Crypto Bill

On Tuesday, February 13, the Blockchain Association sent a letter to the US Congress opposing the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA) drafted by Massachusetts Senator Elizabeth Warren. 

Earlier, the Blockchain Association had formulated a similar letter against the DAAMLA bill that seeks to impose restrictive measures on crypto asset. In their first letter, the Blockchain Association proposal was backed by 40 signatories from officials working in the US military, intelligence unit, and national security centers. 

Overview of Senator Warren’s Crypto Legislation

The report indicates that US policymakers showed no interest in the matter after the association submitted its first letter in late November. A review of the letter demonstrated that the association focused more on the role of crypto in the Hamas-Israel war. 

The first letter did not focus more on the DAAMLA bill and the proposed legislation for crypto presented by Senator Elizabeth Warren. 

In response to the first letter, the Massachusetts Senator claimed the Blockchain Association was opposing the efforts made by the Congress and Biden Administration to protect the investors from exploitative crypto activities. 

She noted that the Blockchain Association comprises former civil servants with vast experience in defense, law enforcement, and national security. Senator Warren condemned the Blockchain Association for undermining the intense efforts made by the White House in addressing the use of crypto in terrorism financing. 

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She acknowledged the contribution made by the Blockchain Association in holding talks on the need to regulate crypto assets. In November, the association organized a meeting at Capital Hill to deliberate on matters concerning crypto regulation.

Industry Leaders Calls For Comprehensive Crypto Regulation in US

After submitting the first letter, the association agreed to draft a second letter outlining the significance of crypto to the US economy. This letter underline the risks associated with the implementation of DAAMLA legislation. 

The Blockchain team lamented that the enactment of DAAMLA would lead to the loss of jobs, which would threaten the US national strategic advantage. The report indicated that Senator Warren’s crypto bill only targets a few individuals engaging in illicit activities.

The second letter received 80 signatories from officials supporting crypto assets. The letter challenges the DAAMLA bill on the prevalent use of crypto in illicit activities.

In the meantime, senator Warren has received support from 19 senators concerning the DAAMLA legislation.

Blockchain Association Rejects Warren’s Crypto Bill

The report indicates that Senator Warren’s supporters have been discussing the bill with the Senate. The DAAMLA bill is currently undergoing review, awaiting the approval of the Chair of the Senate Banking Committee, Senator Sherrod Brown. 

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Before the approval from Senator Brown, the Blockchain Association was against Senator Warren’s bill. The association noted that the DAAMLA bill would hurt the crypto mining industry because it mandates that miners comply with the Know-Your-Customer (KYC) requirements and Bank Secrecy Act (BSA) rules.

With technological advancement, the association regretted that Bitcoin miners and validators couldn’t fully comply with the KYC and BSA requirements.In the latter, the association revealed plans to organize another meeting at Capitol Hill in March. 

The upcoming Blockchain Association meeting will discuss the risk of approving the DAAMLA bill. The association plans to invite key policymakers to examine the challenges facing the crypto sector.

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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