US Senators Elizabeth Warren and Sherrod Brown are “trying to kill” the entire crypto industry, according to the Chamber of Digital Commerce.
The US-based crypto advocacy group argues that the lawmakers are spearheading an unprecedented attack on digital assets, citing Warren’s (D-Massachusetts) Digital Asset Anti-Money Laundering Act.
The bill, which Warren first introduced in 2022 and then again last July, aims to make the crypto industry comply with the same money laundering rules that apply to the traditional financial system. It would, 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 potential legislation was referred to the Senate Committee on Banking, Housing, and Urban Affairs, which Brown (D-Ohio) chairs.
This week, Perianne Boring, the founder and chief executive of the Chamber of Digital Commerce, penned a letter to Brown urging the lawmaker to kill the bill.
The CEO argues that the potential legislation poses a “clear and present danger” to both national security and the economy.
“This bill, if passed, will erase hundreds of billions of dollars in value for U.S. start-ups and decimate the savings of countless Americans invested in this asset class legally. Furthermore, this bill will ensure we cede any remaining leadership position in the digital economy to China, Russia, North Korea, and Iran, who are eagerly waiting to take advantage of the perceived willingness to abdicate such responsibility.”
Boring likens the bill’s regulations to requiring an ink manufacturer to track every individual who handles any single dollar bill printed with their ink.
“Just as tracking every dollar bill user would be untenable for an ink manufacturer, imposing similar demands on blockchain entities like digital asset miners and validators is equally unfeasible and detrimental to innovation.”
Warren, however, has argued that the legislation is about closing loopholes.
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks.”
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