Republican Senator Roger Marshall of Kansas has decided not to endorse the Digital Asset Anti-Money Laundering Act (DAAMLA), which he co-sponsored with Senator Elizabeth Warren of the Democratic Party. Following his announcement on July 24, 18 senators supported the contentious bill.
Critisium on the DAAMLA Bill
The DAAMLA was introduced in December 2022 to regulate the cryptocurrency sector under the current frameworks for counterterrorism financing (CTF) and anti-money laundering (AML). To prevent “rogue nations, oligarchs, drug lords, and human traffickers” from using cryptocurrency for money laundering, Senator Warren maintained that the bill was necessary. Nonetheless, the law has encountered strong opposition from both business insiders and proponents of cryptocurrencies.
The Chamber of Digital Commerce has criticized the DAAMLA, warning that it could potentially “erase hundreds of billions of dollars in value for US startups” and negatively impact American crypto investors. Furthermore, 80 former military and national security officials have cautioned lawmakers against supporting the bill, citing concerns over its potential impact on the industry.
A recent saga emerged involving the Winklevoss twins, Tyler and Cameron highlighting a broader backlash against Warren’s position on cryptocurrencies. Gemini exchange founders each donate $500,000 in Bitcoin to a pro-crypto candidate running against Senator Warren.
The Winklevoss twins, Mati Greenspan and other prominent industry players have publicly backed Deaton as the candidate who would be best able to take on Warren’s perspective on cryptocurrencies.
Tyler Winklevoss said:
“Elizabeth Warren is one of the single greatest threats to American prosperity. When it comes to crypto, she is public enemy number one. She’s the chief architect and driver of the Biden Administration’s war on crypto. She wages this unlawful war by weaponizing government agencies to attack our industry through a combination of debanking, bad faith enforcement actions, and other abuses of power.”
New Rising Support for Deaton
Warren’s challengers weren’t quite as respectful. Tyler Winklevoss called Deaton an “American hero” and had some harsh words for Warren, saying she is more of a celebrity and cannot pass good laws.
Deaton, a prominent XRP defender, has been especially critical of Warren and the U.S. stance on cryptocurrencies more widely. His efforts have included significant roles in high-profile cases involving the SEC and various crypto firms, including Ripple.
What Comes Next?
Due to Marshall’s resignation from the DAAMLA, concerns have been expressed regarding the bill’s prospects and possible effects on US cryptocurrency legislation. The action is a reflection of legislators’ growing doubts about how strict anti-crypto laws will affect the rapidly expanding digital asset market.
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