Blockchain Association Opposes Warren’s DAAMLA
The Blockchain Association, a powerful industry group, has launched a campaign against Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act (DAAMLA). The association argues that the bill would harm American innovation and competitiveness.
Key Concerns Raised by the Association
- Misguided Narrative: The association claims that crypto played a minor role in the 2023 Hamas attack on Israel, which Warren cited as justification for stricter regulations.
- Innovation Stifled:
The association warns that DAAMLA’s compliance requirements would force US crypto companies to move overseas, leading to a loss of American leadership and economic benefits. - Ineffective Abroad: The association argues that the bill focuses on US-based entities, ignoring the international nature of crypto usage. Foreign criminals could easily shift their activities to unregulated offshore exchanges.
- Balanced Approach:
The association advocates for a balanced approach to crypto regulation that protects consumers and investors while fostering innovation and competitiveness.
Clash of Interests
The debate over DAAMLA comes amid rising tensions between the US and other countries using crypto to circumvent sanctions and finance operations. Senator Warren’s office has declined to comment on the matter.
Industry Mobilization
The Blockchain Association’s campaign has garnered support from 80 former military, national security, and intelligence personnel. The industry is now mounting a significant challenge to Warren’s proposed legislation.
It remains to be seen whether the association’s concerns will lead to changes in DAAMLA or a different regulatory approach.
