Senator Roger Marshall’s withdrawal from Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act (DAAMLA) marks a significant setback for the bill.The Digital Asset Anti-Money Laundering Act (DAAMLA), spearheaded by Democratic Senator Elizabeth Warren, encountered a substantial obstacle as Republican co-author Senator Roger Marshall withdrew his support. This move, announced on July 24, significantly undermines the controversial anti-crypto bill.
Senator Marshall’s Withdrawal
Senator Roger Marshall of Kansas, who co-authored the DAAMLA with Senator Warren in 2022, has rescinded his backing. This decision delivers a blow to the bill, which was reintroduced to the Senate in July 2023. The DAAMLA aims to integrate the cryptocurrency industry into existing Anti-Money Laundering (AML) and counter-terrorism financing frameworks, categorizing various crypto service providers as financial institutions subject to the Bank Secrecy Act.
Senator Warren has advocated for the bill, asserting its necessity to combat the use of cryptocurrencies by “rogue nations, oligarchs, drug lords, and human traffickers” for money laundering. However, the legislation has met with robust opposition from crypto advocates and industry experts.
The Chamber of Digital Commerce has warned that the bill could “erase hundreds of billions of dollars in value for US startups” and adversely impact American crypto investors. Additionally, 80 former military and national security officials have advised lawmakers against supporting the bill.
With Marshall’s withdrawal, the number of senators supporting the DAAMLA has decreased to 18. This setback occurs as Senator Warren gears up for her 2024 reelection campaign in Massachusetts, facing opposition from pro-crypto lawyer John Deaton.
The DAAMLA’s Future
The withdrawal of a key co-author casts doubt on the bill’s future and underscores the contentious debate over cryptocurrency regulation in the United States.
Winklevoss Twins Back Deaton’s Campaign
In a related development, Cameron and Tyler Winklevoss have made a substantial contribution to John Deaton’s campaign to unseat Senator Warren. The twins donated 16 Bitcoin, approximately worth $1 million, to support Deaton’s bid.
This significant contribution from the Winklevoss twins underscores their commitment to supporting a pro-crypto candidate. John Deaton, known for his advocacy of cryptocurrencies and his legal representation of the crypto industry, has garnered endorsements from several notable figures and organizations within the crypto community.
Deaton has been vocal in his opposition to what he perceives as unjust actions by Senator Warren and her supporters against the crypto industry. The generous donation from the Winklevoss twins not only bolsters Deaton’s campaign financially but also signals the crypto community’s readiness to engage in the political process to defend their interests.
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