In recent developments, a petition opposing the proposed Digital Asset Anti-Money Laundering Act in the United States has gained significant traction. Initiated on Change.org by the Chamber of Digital Commerce, a leading United States blockchain and digital asset trade association, the “Stop The Crypto Ban” petition aims to counter the potential consequences of the legislation introduced by Senator Elizabeth Warren.
United States AML Act gains support from senators
The Digital Asset Anti-Money Laundering Act has garnered support from 19 United States senators, prompting concerns from the Chamber of Digital Commerce. They argue that the act, despite its intentions to combat money laundering, is essentially a crypto ban that could stifle innovation, harm job prospects, and undermine the burgeoning cryptocurrency sector. At the time of writing, the petition has accumulated nearly 10,000 signatures from concerned citizens. Signatories pledge not to support any senator in future elections who backs the Digital Asset Anti-Money Laundering Act in its current form.
This strategic move by the Chamber of Digital Commerce is aimed at influencing the senators named in the petition, including Elizabeth Warren, Roger Marshall, Lindsey Graham, Joe Manchin, and others. The Chamber of Digital Commerce acknowledges the importance of regulating the digital asset space for safety and integrity. However, they express reservations about the current form of the legislation, asserting that it goes beyond necessary regulation and amounts to a ban on digital innovation.
Digital participants stand and call to senators
The organization outlines various concerns, including potential economic impacts, restrictions on innovation, and issues related to security and privacy. Experts have labeled the Digital Asset Anti-Money Laundering Act as a direct attack on the personal freedom and privacy of cryptocurrency users and developers. The bill has seen a substantial increase in support since its introduction by Senator Warren in December of the previous year. The petition underscores the potential implications of the legislation on innovation, economic growth, and consumer freedom.
While recognizing the need for regulation, the Chamber of Digital Commerce emphasizes that the current bill’s limitations could hinder consumer access to a diverse array of financial tools and services provided by the digital asset ecosystem. This, they argue, may obstruct financial inclusion and choice for consumers. The senators targeted in the petition are urged to reconsider their support for the legislation and take into account the long-term implications on innovation, economic growth, and consumer freedom.
The signatories call on these senators to play a pivotal role in shaping a future where digital assets are integrated into the economic framework in a way that fosters innovation, protects consumers, and enhances the United States economy. The “Stop The Crypto Ban” petition reflects a growing concern within the cryptocurrency community regarding the potential consequences of the Digital Asset Anti-Money Laundering Act. As the petition gains momentum, it remains to be seen how the senators involved will respond to the collective voice of citizens urging them to reconsider their stance on the proposed legislation.
