Senators Unveil New Anti-Crypto Bill ‘Helped Craft’ American Bankers Assoc
Big banks have been helping US Senators Roger Marshall and Elizabeth Warren draft their controversial anti-crypto bill.
A December 20 video on X (formerly Twitter) shows Senator Marshall saying that he and Senator Warren have approached the largest lobbying organization for the US banking industry – the American Bankers Association (ABA) – to help them go digital. Property Anti-Money Laundering Act.
Who dares to write a law that actually bans #crypto? Senator @RogerMarshallMD, the GOP frontrunner for the crypto ban bill, said the American Bankers Association wrote it. Stop the #CryptoBan pic.twitter.com/dHufIaXB7i
— Digital Chamber of Commerce (@DigitalChamber) December 19, 2023
The Digital Asset Anti-Money Laundering Act, which was first introduced in December 2022, aims to bring crypto technology such as non-secured wallets, verifiers and mining pools under strict banking regulations in the United States.
“The first thing we did was go to the American Bankers Association and say, ‘Help us do this.'”
Marshall cited Warren's meeting with JPMorgan CEO Jamie Dimon in which they both agreed that “crypto is just a tool for criminals.” The footage was taken from Parliament's Security and Intelligence Forum earlier this month.
In response to the video, Coinbase CEO Brian Armstrong expressed displeasure that Senators Warren and Marshall are now pleading for banks. “Being anti-crypto is a very bad political strategy going into 2024,” he added.
Senators Warren and Marshall are now lobbying for the big banks.
Being anti-crypto is bad political strategy going into 2024.
*52 Million Americans Have Used Crypto* 38% of Young People Say Crypto Can Increase Economic Opportunities Only 9% of Americans Are Satisfied With… https://t.co/diawa3LOX5
— Brian Armstrong ️ (@brian_armstrong) December 19, 2023
Meanwhile, finance attorney Scott Johnson suggests voters angry at Senator Warren should focus on vulnerable seats that supported a crusade last year.
On December 11, the bill received five new senators as co-sponsors, including three members of the Banking Committee. In addition, the US banking advocacy group, the Bank Policy Institute (BPI), supported the anti-crypto legislation proposed by Senator Warren.
RELATED: Warren's Surveillance Act Is Tailored to Help Big Banks.
Anti-crypto analysts often make this claim. Blockchain analysis platform Chainalysis shows that less than 0.2% of crypto is used for illegal purposes.
Anti-crypto activists fail to acknowledge the level of criminal activity in the traditional financial world, with JPMorgan being one of the most heavily fined banks. The Wall Street bank has paid nearly $40 billion in fines for various violations since 2000, according to Violation Tracker.
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