US Senators Elizabeth Warren and Sherrod Brown are trying to “kill” the entire cryptocurrency industry, according to the Chamber of Digital Commerce.
US-based cryptocurrency advocacy group Argues Lawmakers are leading an unprecedented attack on digital assets, citing Warren's (D-Mass.) Anti-Money Laundering Act for digital assets.
The bill, which Warren first introduced in 2022 and then again last July, aims to bring the cryptocurrency industry into compliance with the same money laundering rules that apply to the traditional financial system. This will, among other things, expand the scope of the Bank Secrecy Act (BSA) responsibilities, including know-your-customer (KYC) requirements, to include cryptocurrency wallet providers, miners, validators, and other network participants.
In July, potential legislation was referred to the Senate Committee on Banking, Housing, and Urban Affairs, which Brown (D-Ohio) chairs.
This week, Berean Boring, founder and CEO of the Chamber of Digital Commerce, wrote a letter to Brown urging the lawmaker to repeal the bill.
The CEO argues that the potential legislation poses a “clear and present danger” to national security and the economy.
“This law, if passed, will wipe out hundreds of billions of dollars valuable to US startups and destroying the savings of countless Americans who invested in this asset class Legally. Furthermore, this bill would ensure that we relinquish any remaining leadership position in the digital world economy to China, Russia, North Korea and Iran, who are eagerly waiting to take advantage of this opportunity Remarkable willingness to abdicate this responsibility.
Boring likens the bill's regulations to requiring an ink manufacturer to track every individual who handles any dollar bill printed with its ink.
“Just as tracking every user to a dollar bill would not be possible for an ink manufacturer, imposing similar requirements on blockchain entities such as digital asset miners and validators is not possible and hurts innovation as well.”
However, Warren argued that the legislation is about closing loopholes.
“Treasury makes clear that we need new laws to eliminate the use of cryptocurrencies to enable terrorist groups, rogue states, 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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