The Blockchain Association, a non-profit organization representing the interests of the U.S. cryptocurrency industry, sent a letter to Congress on Tuesday expressing concerns about the Digital Asset Anti-Money Laundering Act of 2023 proposed by Senator Elizabeth Warren.
“(This bill) threatens our country’s strategic advantage, threatens tens of thousands of American jobs, and has little impact on the illegal actors it targets,” he said. letterIt was co-signed by 80 former military and national security experts with backgrounds in digital assets.
Senator Warren’s proposal aims to address existing security gaps in cryptocurrencies by expanding know-your-customer and anti-money laundering (AML) verification responsibilities to digital asset service providers, miners, validators, and other participants. . Non-hosted wallets or offshore accounts.
One section of the anti-money laundering bill proposes that the Treasury Department, Securities and Exchange Commission, and Commodity Futures Trading Commission establish a new AML review process to enforce compliance with the Bank Secrecy Act for digital asset companies.
Concerns about overseas expansion of cryptocurrency industry
“Sen. However, Warren’s DAAMLA bill would unintentionally hinder law enforcement and national security efforts by driving most digital asset industries overseas,” the Blockchain Association said. The letter states that increased compliance would result in increased regulatory compliance. He added that it would increase liquidity on foreign exchanges and lead to an outflow of blockchain expertise from the United States.
This is not the first time that Senator Warren and the Blockchain Association have taken an opposing stance. Senator Warren previously said The Blockchain Association is attempting to “undermine bipartisan efforts” to address the role of cryptocurrency terrorism financing after its association. decided Reports of Hamas’ use of cryptocurrency have been “grossly exaggerated.”
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.