U.S. Senator Roger Marshall withdraws support for the Digital Asset Anti-Money Laundering Act, highlighting the crypto industry’s opposition to the bill.
Points
- Senator Roger Marshall withdraws support for the DAAMLA bill.
- The bill aims to tighten AML rules for digital assets.
- Crypto industry expresses concerns about overregulation.
- The bill still has support from 18 co-sponsoring senators.
- Opposition cites potential negative impacts on U.S. crypto industry.
U.S. Senator Roger Marshall, R-Kan., has withdrawn his support for the Digital Asset Anti-Money Laundering Act of 2023 （DAAMLA）, a bill he originally co-sponsored with Sen. Elizabeth Warren, D-Mass. Marshall’s withdrawal marks the first co-sponsor to step back from the controversial legislation, which still retains support from 18 senators.
Introduced in December 2022, the DAAMLA bill seeks to impose stricter anti-money laundering （AML） regulations on digital assets. Sen. Warren argued that the crypto industry should adhere to the same standards as traditional financial institutions, like banks and money service businesses, to prevent illicit activities such as money laundering and terrorist financing.
Despite its intentions, the bill has faced significant pushback from the crypto industry. Critics argue that it could stifle innovation and drive the digital asset industry overseas by imposing impractical compliance requirements on miners, validators, and other participants. The Blockchain Association and other industry advocates have expressed concerns that the bill’s broad scope could inadvertently hinder law enforcement and national security efforts by pushing the industry away from U.S. regulation.
In response to the bill, a group of 80 former military and national security professionals penned a letter to Congress, warning that the DAAMLA legislation could undermine the nation’s strategic advantage and harm the U.S. economy by erasing billions in value for startups.
Sen. Warren, who is seeking re-election, has been a vocal critic of the crypto industry and has called for comprehensive regulations to combat its use in illegal activities. However, the opposition from within her own party, coupled with growing industry pressure, has led to significant debate over the bill’s future.
解説
- Sen. Marshall’s withdrawal from the DAAMLA bill reflects the contentious nature of crypto regulation in the U.S., highlighting the divide between lawmakers and the industry.
- The crypto industry fears that overregulation could push innovation and investment away from the U.S., potentially harming the nation’s competitive edge in the global digital asset market.
- The bill’s intention to align crypto regulations with those of traditional financial institutions underscores the challenges of integrating new financial technologies into existing regulatory frameworks.
- Opposition from industry groups and national security professionals emphasizes the need for balanced regulations that protect against illicit activities without stifling innovation.
- The future of the DAAMLA bill remains uncertain, as ongoing debates and political pressures will likely shape its development and impact on the crypto sector.