Sen. Warren’s Crypto Bill Draws Fire from Blockchain Association

The Blockchain Association fires back at Senator Elizabeth Warren’s crypto bill.

Crowd behind Sen. Warren shouting at her.
Created by Kornelija Poderskytė from DailyCoin
  • Senator Elizabeth Warren’s crypto legislation has attracted criticism.
  • The bill was introduced with the support of 19 other senators.
  • The bill sought to curb a range of illicit crypto uses.

The Blockchain Association, the self-styled “collective voice of the crypto industry” in Washington D.C, has written to Congress expressing concerns over Senator Elizabeth Warren’s new crypto bill.

The bill in question is the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA), introduced by Senators Elizabeth Warren and Roger Marshall, along with 18 other senators as co-sponsors.

While Warren argued that the bill would mitigate crypto’s risks to U.S. national security, the Blockchain Association believes DAAMLA will do more harm than good.

Blockchain Association Chides Warren’s Crypto Bill

In a letter dated February 13, the Blockchain Association stated that Senator Warren’s crypto bill risks America’s “strategic advantage” and threatens thousands of domestic jobs.

The association argued that DAAMLA would “inadvertently hinder law enforcement and national security efforts” by creating a business environment that drives away most of the crypto industry overseas.

“This shift could also lead to increased liquidity in unregulated offshore exchanges and a loss of valuable expertise and visibility for the U.S. in the blockchain realm. Further, this legislation, if implemented, will have no meaningful effect on the foreign illicit actors it targets,” the association wrote.

Without proposing a direct alternative approach toward crypto regulation, the association urged Congress to create domestic laws and regulations that would help the digital assets industry develop within the U.S. Per the group; this would address illicit activities within the blockchain space “effectively.”

The association further noted that it would coordinate another visit to Capitol Hill in March to engage policymakers on more challenges with Senator Warren’s bill. Today’s letter had 80 signatories, double the number of signatories in the first letter written by the association.

Read why Sen. Warren is against Blockchain Association’s lobbying efforts:
Sen. Warren Opposes Blockchain Association Lobbying Efforts

Stay updated on why Senator Warren believes crypto is a threat to the U.S.:
Senator Warren Labels Crypto a Threat to the United States

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.