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The Blockchain Affiliation has despatched a second letter to the Home Monetary Companies Committee and Senate Banking Committee expressing considerations over a invoice sponsored by Senator Elizabeth Warren.
The laws, titled the Digital Asset Anti-Cash Laundering Act of 2023 (DAAMLA), has garnered support from 19 other Senators as co-sponsors, elevating alarm bells inside the crypto group.
In November of 2023, the Blockchain Affiliation initially sent a letter with 40 signatories from former U.S. navy, nationwide safety, and intelligence officers.
This recent letter, nevertheless, boasts 80 signatories from people with comparable backgrounds.
Coverage Implication of Warren’s Anti-Crypto Laws
Whereas the primary letter aimed to dispel what was seen as an exaggerated narrative linking cryptocurrencies to the 2023 Hamas-led assault on Israel, the brand new letter shifts the main focus to the coverage implications of Warren’s DAAMLA laws.
In line with the Blockchain Affiliation, Warren’s invoice poses vital dangers to the nation’s strategic benefit, threatens tens of hundreds of U.S. jobs, and provides little efficacy in combatting illicit actors within the crypto house.
The letter can be a response to a earlier letter from Warren to the Blockchain Affiliation, the place she accused the affiliation of mobilizing former protection, nationwide safety, and legislation enforcement officers to undermine bipartisan efforts in Congress to handle the financing of terrorist organizations by cryptocurrencies.
🚨 JUST IN 🇺🇸 US Senator Elizabeth Warren drops a BOMBSHELL on the Blockchain Affiliation!
Demanding the Blockchain Affiliation expose info on ex-military and authorities hires—roles, pay, and all! 👀💼 Claiming the Blockchain Affiliation has been working to undermine… pic.twitter.com/pSkanu8wUN
— Good Morning Crypto (@3TGMCrypto) December 19, 2023
Warren’s allegations had been in reference to the Blockchain Affiliation’s coordination of a go to to Capitol Hill to debate the considerations raised of their preliminary letter.
Related letters had been additionally despatched to Coinbase and the suppose tank Coin Heart.
Of their new letter to Warren, the Blockchain Affiliation mentioned that she questioned the motivations and integrity of quite a few U.S. navy and intelligence veterans with out addressing the substance of their arguments.
Notably, the Chair of the Senate Banking Committee, Senator Sherrod Brown (D-OH), has not but endorsed DAAMLA or some other laws.
Because the committee chair, Brown holds vital affect over whether or not crypto-related laws advances from the committee to the total Senate for consideration.
DAAMLA Places U.S. Jobs at Danger: Blockchain Affiliation
The Blockchain Affiliation’s letter argues that DAAMLA jeopardizes the nation’s strategic benefit, places tens of hundreds of U.S. jobs in danger, and has minimal impression on concentrating on illicit actors.
“The Digital Asset Anti-Cash Laundering Act (DAAMLA) dangers our nation’s strategic benefit, threatens tens of hundreds of U.S. jobs, and bears little impact on the illicit actors it targets,” the letter mentioned.
One contentious facet of the invoice is the inclusion of bitcoin miners and validators of different blockchains as accountable events for conducting Know-Your-Buyer (KYC) and Financial institution Secrecy Act (BSA) laws.
Many trade consultants argue that this strategy is unworkable given the character of blockchain know-how.
In March, the Blockchain Affiliation plans to coordinate one other go to to Capitol Hill to have interaction policymakers in an in depth dialogue in regards to the points surrounding the DAAMLA laws.
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