Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US
The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Money Laundering Act of 2023, stating that it threatens the US crypto industry.
In the wake of Senator Warren’s proposal for the crypto AML Bill, the Blockchain Association has rolled out another letter to the US Congress signed by 80 individuals linked to the US military or government.
1/ Today, we sent a new letter to Congress, supported by a doubled 80+ coalition of former military and national security professionals urging members to reconsider support for proposed legislation that could cripple the domestic digital assets industry.https://t.co/6bSarhpVP4 pic.twitter.com/uxIqyGp1AY
— Blockchain Association (@BlockchainAssn) February 13, 2024
The Association discussed that, “The proposed legislation, if enacted, would effectively impose a de facto ban on digital asset development, stifling innovation and hampering the nation’s competitive edge in this rapidly evolving sector.”
In the letter, the association stated that the crypto AML bill would bring adverse implications for the US. The US competitiveness and technological leadership are essential for national security. The Digital Asset Anti-Money Laundering Act (DAAMLA) risks the US’s competitive advantages, threatens thousands of jobs, and exposes it to effects due to illicit activities. The letter also raises concerns regarding the shift of operations to offshore countries that may lead to increased liquidity in “unregulated offshore exchanges and a loss of valuable expertise and visibility for the U.S. in the blockchain realm.”
Smith stated, “We are witnessing a pivotal moment where the future of digital asset development hangs in the balance. Policymakers must consider the collective expertise of the signatories and recognize the invaluable role digital assets play in driving economic growth, fostering technological advancement, and protecting our nation’s security.”
This is the second time since 2023 that the association has presented its concern to Congress, stating its narrative against the proposed crypto AML bill. The first letter was majorly focused on the overblown allegations of illicit use of cryptocurrency and how it fueled the Hamas-led attack on Israel in 2023.
The Senator has also accused the Blockchain Association and other linked organizations of hiring military and government officials, aiming to neutralize Congress’s efforts to regulate cryptocurrencies and raise concerns about the significant role of fiat assets in carrying out terrorist attacks.
The @SECgov is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision.
If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules.
— Elizabeth Warren (@SenWarren) January 11, 2024
Kirsten Smith responded, “While Blockchain Association does not currently employ anyone with the credentials listed in your first question, we are fortunate and proud to count many former military, national security, intelligence officers, and law enforcement professionals among our membership.”
“After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, individual sovereignty, and permissionless innovation,” she added.
Suggested Reads:
Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister
Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions
Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA
Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities
