Senator Roger Marshall Withdraws Support for Warren’s Anti-Crypto Bill

Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act, co-authored with Senator Elizabeth Warren.

Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), a controversial bill he co-authored with Democrat Senator Elizabeth Warren in 2022. This move leaves the bill with 18 remaining co-sponsors, highlighting ongoing contention around its proposed regulations for the crypto industry.

Senator Elizabeth Warren Continues to Push for Anti-Crypto Legislation Despite Losing Key Support

Key Points:

Withdrawal of Support:

• Senator Roger Marshall withdrew his support as a co-sponsor of the DAAMLA on July 24, reducing the number of co-sponsors to 18.

Background of the Bill:

• Introduced by Senators Warren and Marshall in December 2022, the DAAMLA aims to integrate crypto services under existing Anti-Money Laundering (AML) and counter-terrorism financing regulations. It designates decentralized wallet providers, validators, and miners as financial institutions under the Bank Secrecy Act.

Controversial Provisions:

• The bill has faced criticism for allegedly exaggerating crypto’s role in illicit activities and potentially stifling the US crypto industry. Critics argue that the bill could drive the digital asset industry overseas and harm American investors.

Reactions from the Crypto Community:

• The Chamber of Digital Commerce and 80 former military and national security officials have strongly opposed the bill, warning that it could undermine law enforcement and increase national security risks.

Political Implications:

• Senator Warren, who is running for re-election in 2024, continues to support the DAAMLA. Pro-crypto lawyer John Deaton has announced plans to challenge Warren, aiming to unseat her in the upcoming election.

Related: What Kamala Harris’ (Presumptive) Nomination Means for Crypto in the 2024 Election

Senator Marshall's withdrawal from the DAAMLA highlights the ongoing debate over cryptocurrency regulation in the United States. With significant opposition from various sectors and potential political ramifications, the bill's future remains uncertain. The outcome of this legislative battle could have far-reaching implications for the US crypto industry and its regulatory landscape.

Source: Cointelegraph