Republican

Bank

2024

Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act, a controversial anti-crypto bill he co-created with Democrat Senator Elizabeth Warren in 2022.&nbsp;
Marshall withdrew his support as a “cosponsor” of the bill on July 24, leaving 18 senators still supporting the bill, according to the official Congress <a href="https://www.congress.gov/bill/118th-congress/senate-bill/2669/cosponsors" target="_blank" rel="noopener noreferrer nofollow">directory</a> concerning the legislation.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/2eb6c772-4b1d-4df8-8df7-64f7c5805261.png" alt="US senator withdraws support for Elizabeth Warren’s anti-crypto bill">
 <figcaption style="text-align: center;">Senator Marshall withdrew as co-sponsor of the bill on July 24. Source: Congress
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Cointelegraph contacted Senator Marshall’s office but did not receive an immediate response.
Marshall and Warren <a href="https://www.warren.senate.gov/newsroom/press-releases/warren-marshall-introduce-bipartisan-legislation-to-crack-down-on-cryptocurrency-money-laundering-financing-of-terrorists-and-rogue-nations" target="_blank" rel="noopener noreferrer nofollow">introduced</a> the DAAMLA bill together in December 2022, with Senator Warren claiming that crypto was being used by “rogue nations, oligarchs, drug lords, and human traffickers [...] to launder billions in stolen funds.”
The bill aims to bring the crypto industry to heel under existing Anti-Money Laundering and counter-terrorism financing frameworks.
Notably, the bill declares a swathe of crypto service providers, including decentralized wallet providers, validators, and miners, to be financial institutions, mandating that they be subject to the terms of the Bank Secrecy Act.
Warren reintroduced the DAAMLA bill to the US Senate in July 2023. It targets illicit uses of crypto assets for money laundering and financing terrorism.
Several crypto organizations and individuals have <a href="https://cointelegraph.com/news/blockchain-association-responds-senator-warren-crypto-criticism" rel="noopener noreferrer nofollow">lashed the proposed legislation</a> for wildly exaggerating crypto’s role in funding terrorism and illicit activities and warned that it could hamstring the US crypto industry.
On Feb. 20, US-based crypto advocacy group the Chamber of Digital Commerce (CDC) <a href="https://cointelegraph.com/news/crypto-advocacy-group-senate-banking-elizabeth-warren-bill" rel="noopener noreferrer nofollow">urged the Senate Banking Committee</a> not to consider the DAAMLA bill, saying that it would “erase hundreds of billions of dollars in value for US startups and decimate the savings of countless Americans” who had invested in crypto legally.
On Feb. 13, a group of 80 former military and national security officials from the US government penned a letter <a href="https://cointelegraph.com/news/blockchain-association-elizabeth-warren-crypto-bill" rel="noopener noreferrer nofollow">warning lawmakers against supporting</a> the DAAMLA bill.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/5ba528a1-7621-4eb7-b324-04e65ba02bcb.png" alt="US senator withdraws support for Elizabeth Warren’s anti-crypto bill">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/BlockchainAssn/status/1757377177413197877" target="_blank" rel="noopener noreferrer nofollow">Blockchain Association</a>
 </figcaption>
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In the letter, the officials warned the legislation would hinder law enforcement and increase national security concerns by “driving the majority of the digital asset industry overseas.”
Senator Warren is running for reelection in 2024 to represent the state of Massachusetts. On Feb. 20, pro-crypto lawyer John Deaton <a href="https://cointelegraph.com/news/lawyer-unseat-elizabeth-warren-crypto-campaign" rel="noopener noreferrer nofollow">announced he would run</a> as a Republican and attempt to unseat Senator Warren.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/" rel="noopener noreferrer nofollow">Crypto exposes sudden rift among Democrats months ahead of election</a>

US senator withdraws support for Elizabeth Warren’s anti-crypto bill

Cointelegraph

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