According to the Digital Chamber of Commerce, US senators Elizabeth Warren and Sherrod Brown are trying to “kill” the entire crypto industry.
US-based cryptocurrency advocacy group claim They cited Warren's (D-Massachusetts) Digital Asset Money Laundering Prevention Act and claimed it was at the forefront of an unprecedented attack on digital assets.
The bill, which Warren first introduced in 2022 and reintroduced last July, aims to hold the crypto industry to the same money laundering rules that apply to the traditional financial system. . This will, among other things, extend Bank Secrecy Act (BSA) responsibilities, including know-your-customer (KYC) requirements, to crypto wallet providers, miners, validators, and other network participants.
In July, the possible bill was referred to the Senate Banking, Housing, and Urban Affairs Committee, chaired by Brown (D-Ohio).
This week, Perianne Bowling, founder and CEO of the Digital Chamber of Commerce, wrote a letter to Brown asking him to repeal the bill.
The CEO argued that the potential bill poses a “clear and present danger” to both national security and the economy.
“Hundreds of billions of dollars will disappear if this bill passes.” Destroys the value of American startups and eats away the savings of countless Americans invested in this asset class Legally. Furthermore, this bill will ensure the transfer of remaining leadership positions in the digital field. It is trying to spread its economic influence to China, Russia, North Korea, and Iran. It turns out that there is a willingness to give up such responsibilities. ”
Bowling likens the bill regulations to requiring ink manufacturers to track every person who handles $1 bills printed with their ink.
“Just as it is impossible for ink manufacturers to track every dollar bill user, it is equally unfeasible to impose similar requirements on blockchain entities such as digital asset miners and validators. , which is detrimental to innovation.”
But Warren insisted the bill was meant to close a loophole.
“The Treasury Department has determined that terrorist groups, rogue states, drug lords, ransomware gangs, and fraudsters launder billions of dollars in stolen funds, evade sanctions, fund illegal weapons programs, and cause devastating profit from cyber-attacks.”
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