Blockchain Association Warns Warren’s Anti-Crypto Legislation Threatens US Jobs and Strategic Advantage
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
The Blockchain Association has sent a second letter to the House Financial Services Committee and Senate Banking Committee expressing concerns over a bill sponsored by Senator Elizabeth Warren.
The legislation, titled the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA), has garnered support from 19 other Senators as co-sponsors, raising alarm bells within the crypto community.
In November of 2023, the Blockchain Association initially sent a letter with 40 signatories from former U.S. military, national security, and intelligence officers.
This recent letter, however, boasts 80 signatories from individuals with similar backgrounds.
Policy Implication of Warren’s Anti-Crypto Legislation
While the first letter aimed to dispel what was seen as an exaggerated narrative linking cryptocurrencies to the 2023 Hamas-led attack on Israel, the new letter shifts the focus to the policy implications of Warren’s DAAMLA legislation.
According to the Blockchain Association, Warren’s bill poses significant risks to the nation’s strategic advantage, threatens tens of thousands of U.S. jobs, and offers little efficacy in combatting illicit actors in the crypto space.
The letter is also a response to a previous letter from Warren to the Blockchain Association, where she accused the association of mobilizing former defense, national security, and law enforcement officials to undermine bipartisan efforts in Congress to address the financing of terrorist organizations through cryptocurrencies.
🚨 JUST IN 🇺🇸 US Senator Elizabeth Warren drops a BOMBSHELL on the Blockchain Association!
Demanding the Blockchain Association expose information on ex-military and government hires—roles, pay, and all! 👀💼 Claiming the Blockchain Association has been working to undermine… pic.twitter.com/pSkanu8wUN
— Good Morning Crypto (@AbsGMCrypto) December 19, 2023
Warren’s allegations were in reference to the Blockchain Association’s coordination of a visit to Capitol Hill to discuss the concerns raised in their initial letter.
Similar letters were also sent to Coinbase and the think tank Coin Center.
In their new letter to Warren, the Blockchain Association said that she questioned the motivations and integrity of numerous U.S. military and intelligence veterans without addressing the substance of their arguments.
Notably, the Chair of the Senate Banking Committee, Senator Sherrod Brown (D-OH), has not yet endorsed DAAMLA or any other legislation.
As the committee chair, Brown holds significant influence over whether crypto-related legislation advances from the committee to the full Senate for consideration.
DAAMLA Puts U.S. Jobs at Risk: Blockchain Association
The Blockchain Association’s letter argues that DAAMLA jeopardizes the nation’s strategic advantage, puts tens of thousands of U.S. jobs at risk, and has minimal impact on targeting illicit actors.
“The Digital Asset Anti-Money Laundering Act (DAAMLA) risks our nation’s strategic advantage, threatens tens of thousands of U.S. jobs, and bears little effect on the illicit actors it targets,” the letter said.
One contentious aspect of the bill is the inclusion of bitcoin miners and validators of other blockchains as responsible parties for conducting Know-Your-Customer (KYC) and Bank Secrecy Act (BSA) regulations.
Many industry experts argue that this approach is unworkable given the nature of blockchain technology.
In March, the Blockchain Association plans to coordinate another visit to Capitol Hill to engage policymakers in a detailed discussion about the issues surrounding the DAAMLA legislation.
- How Tether Co-Founder William Quigley Views Crypto Regulations in Trump’s Second Term
- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- Bitwise’s Matt Hougan Makes Big Prediction on Bitcoin’s Next Bear Market
- From $10K to $75K: How Dave Portnoy Pumped and Dumped Meme Coins on His Followers
- Donald Trump’s World Liberty Financial Set to Create Strategic Crypto Reserve: Report






