- Republican Senator Roger Marshall has withdrawn as a co-sponsor for an anti-crypto bill he co-created with Senator Elizabeth Warren in 2022.
United States Republican Party Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), a controversial anti-crypto bill he co-sponsored with Democratic Party Senator Elizabeth Warren in 2022.
Marshall withdrew his support as a co-sponsor of the bill on July 24, leaving 18 senators still supporting the bill, according to the official Congress directory concerning the legislation.
Marshall and Warren introduced 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-Terrorist Financing frameworks.
Notably, the bill declares a swathe of crypto service providers to be financial institutions, including decentralized wallet providers, validators and miners, 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 terrorist financing.
Several crypto organizations and individuals have lashed the proposed legislation 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 urged the Senate Banking Committee 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 warning lawmakers against supporting the DAAMLA bill.
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
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.”
Warren is running for reelection in 2024 to represent the state of Massachusetts. On Feb. 20, pro-crypto lawyer John Deaton announced he would run as a Republican in an attempt to unseat Warren.
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