Amid the Senator’s ongoing crusade against the industry, Elizabeth Warren’s development bill against crypto could kill the industry in the US, according to the Blockchain Association. Indeed, the organization noted that Warren’s Digital ASset Anit-Money Laundering Act of 2023 (DAAMLA) could work to hinder the growth of the sector in America.
Warren has been outspoken in her stance against the digital asset industry in the country. She has consistently expressed concerns over its connection with criminal activity and money laundering concerns. In response to the bill, the associate issued a second letter addressed to congressional committees with 80 signatories with national security backgrounds.
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Elizabeth Warren’s Anit-Crypto Bill Threatens the Industry in America
There is no understating the importance that digital assets will play in the political battles set to take place in 2024. Indeed, the sector growth has become a key talking point on Capitol Hill. Subseuanlety, both sides have been vocal about the industry, and their differing perspectives.
Among those is Elizabeth Warren, who has crafted a bill regarding crypto that could threaten the industry in America, according to the Blockchain Association. Therefore, they issued a second letter to congressional committees. This time, it was issued along with 80 signatures from National Security and Military professionals who voiced their concerns.
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The first letter was issued in November of last year. Moreover, that featured 40 signatures from similar professionals. Conversely, the second letter has the Blockchain Association argue over the implications of the bill. Specifically, regarding America’s best interest, and its health economically.
The organization said the bill “would inadvertently hinder law enforcement and national security efforts by driving the majority of the digital asset industry overseas.” Additionally, they noted that it would bring “a loss of valuable expertise and visibility for the US in the blockchain realm.”
“If implemented [DAAMLA legislation] will have no meaningful effect on the foreign illicit actors it targets,” the association added. The bill currently has 19 co-sponsors, including a bevy of senators. However, the Chair of the Senate Banking Committee, Sherrod Brown, has not yet endorsed the bill. Moreover, he has not endorsed any anti-crypto legislation.