Eighty individuals signed onto a Blockchain Association letter to U.S. lawmakers saying digital assets were “pivotal” to the country’s strategic advantage.
Former officials with the United States government and military have warned lawmakers against supporting an Anti-Money Laundering bill proposed by Massachusetts Senator Elizabeth Warren, citing national security concerns.
In a Feb. 13 letter, 80 individuals — many of whom had been involved with the U.S. military or government — signed their names with the Blockchain Association’s (BA’s) opposition to Senator Warren’s Digital Asset Anti-Money Laundering Act (DAAMLA). According to the letter, the legislation hindered law enforcement and presented national security concerns by “driving the majority of the digital asset industry overseas.”
“This shift could also lead to increased liquidity in unregulated offshore exchanges and a loss of valuable expertise and visibility for the U.S. in the blockchain realm,” said the letter. “Further, this legislation, if implemented, will have no meaningful effect on the foreign illicit actors it targets.”
