Senator Roger Marshall withdraws support for the Digital Asset Anti-Money Laundering Act （DAAMLA）, highlighting the controversy surrounding the bill.
Points
- Senator Roger Marshall withdraws support for DAAMLA.
- The bill aimed to integrate crypto into AML frameworks.
- Crypto advocates argue it overstates the role of digital assets in illegal activities.
- Concerns about the bill’s impact on the U.S. crypto sector.
- Opposition from the Chamber of Digital Commerce and national security officials.
Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act （DAAMLA）, a controversial bill he co-authored with Democrat Senator Elizabeth Warren. The bill sought to integrate the crypto industry into existing Anti-Money Laundering （AML） and counter-terrorism financing frameworks, categorizing entities like decentralized wallet providers, validators, and miners as financial institutions subject to the Bank Secrecy Act.
Senator Warren, a vocal critic of the cryptocurrency industry, argued that digital assets were being exploited by “rogue nations, oligarchs, drug lords, and human traffickers” to launder vast sums of illicit funds. However, crypto advocates have argued that the legislation overstates the role
of digital assets in illegal activities and would impose onerous regulations on the crypto sector, stifling innovation and driving businesses overseas.
The bill faced significant opposition from the Chamber of Digital Commerce, which argued that the measures would harm the U.S. crypto industry by creating an overly restrictive regulatory environment. National security officials also expressed concerns, suggesting that the bill could inadvertently push illicit activities into less regulated or unregulated areas.
Senator Marshall’s withdrawal reflects the growing debate within the U.S. government on how to effectively regulate cryptocurrencies without hindering their potential benefits. The future of DAAMLA remains uncertain, as lawmakers and industry stakeholders continue to discuss the best approach to integrating digital assets into the existing financial system.
解説
- Digital Asset Anti-Money Laundering Act （DAAMLA）: A proposed bill aimed at integrating the crypto industry into existing AML and counter-terrorism financing frameworks.
- Bank Secrecy Act: U.S. legislation that requires financial institutions to assist government agencies in detecting and preventing money laundering.
- Chamber of Digital Commerce: A trade association representing the digital asset and blockchain industry, advocating for public policies that promote innovation and regulatory clarity.