The Blockchain Association, a trade group representing the crypto industry in Washington, D.C., sent a second letter to the leadership of the House Financial Services Committee and the Senate Banking Committee, announcing the Digital Asset Money Laundering Prevention Act of 2023. expressed deep concern over the bill titled (Dhamra). Sen. Elizabeth Warren (D-Mass.) introduced the bill, and 19 other senators supported it as co-sponsors.
While the first letter sent by the Blockchain Association in November 2023 had 40 signatories, including former U.S. military, national security, and intelligence personnel, this new letter includes individuals with similar backgrounds. The number of signatories is 80. While the first letter focused on what many described as an exaggerated story about how cryptocurrencies played a role in the 2023 Hamas-led attack on Israel, the new letter focuses on the policy aspects of the DAAMLA Act.
According to the Blockchain Association's letter, Warren's bill “jeopardizes our nation's strategic advantages, threatens tens of thousands of American jobs, and would have little impact on the illegal actors it targets.” It is said that The letter's message is also described as a response to a letter from Warren to the Blockchain Association. In the letter, Warren said the Blockchain Association would use its “not-so-secret weapon…a small force of former defense, national security, and law enforcement officials…to engage Congress and the Biden administration. “This is an attempt to undermine bipartisan efforts.” He will address the role of cryptocurrencies in funding Hamas and other terrorist organizations. ”
Warren was referring to how the Blockchain Association helped coordinate a visit to Capitol Hill last November to discuss the issues raised in the initial letter. Coinbase and the think tank Coin Center also received similar letters from Warren. In a new letter to Warren, the Blockchain Association said she “questioned the motives and integrity of numerous U.S. military and intelligence veterans without getting into the substance of our discussions.” “I did…” he claims.
Warren's convincing 19 other U.S. senators to join her means there is at least some momentum in the Senate to enact some legislation to address crypto abuse, while discussions are underway. is increasing. However, Senate Banking Committee Chairman Sen. Sherrod Brown (D-Ohio) himself has yet to sign DAAMLA or any other legislation. As chairman, Brown still has significant power over what types of virtual currency bills move from the Senate Banking Committee to the full Senate for consideration.
“The Digital Assets Money Laundering Prevention Act (DAAMLA) jeopardizes our nation’s strategic advantage, threatens tens of thousands of American jobs, and has little impact on targeted lawbreakers,” the Blockchain Association letter said. “It has no effect,” he claims. Part of the DAAMLA bill would see all Bitcoin miners and other blockchain validators responsible for enforcing Know Your Customer (KYC) and Bank Secrecy Act (BSA) regulations, but the industry Many argue that these regulations are unworkable and essentially impossible. How technology works.
The new letter indicates that the Blockchain Association plans to return to the Hill in March to speak at length with policymakers about the issues with the DAAMLA bill. The crypto industry has expressed concern about new legislation that could impact its business, but these new developments further raise the stakes for the future of U.S. crypto policy. This seems to indicate that.
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