Crypto Advocacy Group Calls on Senate Banking Chair Not to Support Elizabeth Warren’s AML Bill

The Digital Commerce Council (CDC), a US-based crypto advocacy group, has urged the chairman of the Senate Banking Committee not to consider anti-money laundering legislation, which has drawn criticism from many in the industry.

In a February 20 X post, the CDC said Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown were trying to kill the whole thing. [digital asset] Industry” considering Digital Asset Anti-Money Laundering (DAAMLA). The Senate Banking Committee will hold hearings to consider the bill, which CDC founder and CEO Perrian Boring described in a letter to Brown as a “clear and present danger to America's national security and the broader economy.”

“If passed, this bill would eliminate hundreds of billions of dollars in value for American startups and reduce the savings of Americans who have legally invested in this asset class,” Boring said. “[It] It represents an effective ban on digital assets, setting requirements that are not only impractical but unattainable for the organizations tasked with maintaining blockchain infrastructure.

CDC CEO added

“[I]Imagine an ink manufacturer tasked with keeping track of every individual holding an ink-printed one-dollar bill. Such an absurd assumption highlights the impossibility of the proposed law.

Digital assets have been under attack by politicians for years, but it never seems like this. Senators @SenWarren and @SenSherrodBrown are trying to kill the entire industry, and their efforts are moving forward. pic.twitter.com/n7jJEAIjKI

— Digital Chamber of Commerce (@DigitalChamber) February 20, 2024

The CDC is not alone in saying that DAAMLA could threaten US national security by driving the crypto industry overseas. On February 13, the Blockchain Association sent a letter to Senator Brown and other US lawmakers stating that digital assets represent a “strategic advantage” to the United States.

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Senator Warren introduced DAAMLA to the US Senate in July 2023, three months before Hamas launched an attack on Israel and shined a spotlight on terrorist financing. The law clearly targets crypto-assets for money laundering and financing of terrorism. Many have criticized the proposed crypto bill for overestimating digital assets involved in illegal activities and setting unenforceable requirements for organizations to follow.

Senators Brown and Warren are both running for re-election in 2024 to represent Ohio and Massachusetts.

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