Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»U.S. Senator’s Anti-Cryptocurrency Bill Threatens National Security
BITCOIN NEWS

U.S. Senator’s Anti-Cryptocurrency Bill Threatens National Security

By Crypto FlexsFebruary 15, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
U.S. Senator’s Anti-Cryptocurrency Bill Threatens National Security
Share
Facebook Twitter LinkedIn Pinterest Email

Growing tensions between the cryptocurrency industry and U.S. regulators are growing as powerful industry trade group the Blockchain Association launches a new offensive against Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act (DAAMLA).

Blockchain Association counters Warren’s bill

The association, which has 80 signatories mostly former military, national security and intelligence personnel, vehemently opposes the bill, calling it a threat to American innovation and global competitiveness.

DAAMLA, reintroduced by Warren in July, aims to leverage cryptocurrency assets for money laundering and terrorist financing. Supporters hail this as a necessary step to curb illegal activity within the largely unregulated cryptocurrency space. But the Blockchain Association paints a different picture, arguing that the bill overstates the role of cryptocurrencies in terrorism and exaggerates the threat they pose.

Senator Elizabeth Warren speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Dec. 6, 2023. Image: BLOOMBERG FINANCE LP

1/ Today we sent a new letter to Congress, supported by a coalition of more than 80 former military and national security experts. It urges members to reconsider their support for proposed legislation that could cripple the country’s digital asset industry. https://t.co /6bSarhpVP4 pic.twitter.com/uxIqyGp1AY

— Blockchain Association (@BlockchainAssn) February 13, 2024

The letter to leaders of the House Financial Services Committee and the Senate Banking Committee highlights several key concerns:

1. Incorrect statement: The association refutes claims that cryptocurrencies played a significant role in the 2023 Hamas attack on Israel, a narrative used by Warren to justify stricter regulations. Citing industry reports, they claim that less than 1% of all cryptocurrency transactions in 2023 will involve illegal activity.

2. Innovation is stifled: The letter warns that DAAMLA’s stringent compliance requirements will force many U.S. cryptocurrency companies to move overseas, resulting in a loss of U.S. leadership, expertise, and potential economic benefits. They estimate this could threaten tens of thousands of jobs within the fast-growing industry.

3. Not effective overseas: They argue that the bill ignores the international dimension of cryptocurrency use by focusing on US-based companies. Foreign criminals can easily divert their activities to unregulated offshore exchanges, which makes DAAMLA largely ineffective in achieving its intended goals.

4. Seek balance: On behalf of DAAMLA, the association advocates a “balanced approach” to cryptocurrency regulation. They propose measures to protect consumers and investors while fostering innovation and ensuring America’s competitiveness in the global cryptocurrency environment. We also need open dialogue and collaboration between government and industry to address the changing challenges and opportunities presented by these new technologies.

Total crypto market cap at $1.9 trillion on the daily chart: TradingView.com

Blockchain mobilizes against anti-cryptocurrency laws.

The clash comes amid growing tensions between the United States and other countries over the use of cryptocurrencies to circumvent sanctions and financial operations. Recent Hamas attacks have further fueled calls for stricter regulations, especially targeting cryptocurrency wallets linked to such groups. Senator Warren’s office declined to comment on the matter, leaving the debate over DAAMLA’s future uncertain.

Now joined by the voices of 80 seasoned security experts, the cryptocurrency industry has posed a significant challenge to Warren’s proposed legislation. It is not yet known whether their concerns will translate into meaningful changes to DAAMLA or an entirely different regulatory approach.

Featured image from AP File/The Providence Journal, chart from TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Bitcoin Futures Traders Return to Pumping BTC: Will It Last?

October 21, 2025

ZBCN is tradable!

October 15, 2025
Add A Comment

Comments are closed.

Recent Posts

Jiuzi Holdings Launches $1 Billion Bitcoin Treasury With SOLV To Drive Institutional Yields And RWA Innovation

October 30, 2025

Hetu 3.0 – Deep Intelligence Money

October 30, 2025

Doodles has joined Universal Monsters and dropped a TON of NFT stickers.

October 30, 2025

Ethereum whales doubled down on ETH as the $5,000 price target moves higher.

October 30, 2025

SOL remains fixed below $200 despite surge in ETF trading volume

October 30, 2025

Bybit’s BbSOL Gains Institutional Custody Support From Anchorage Digital, Reinforcing Its Institutional-Grade Standing

October 30, 2025

OKX Ventures Invests in Accountability for Enhanced Financial Verification

October 30, 2025

Injective (INJ) Completes First Community Buyback Worth $32 Million

October 29, 2025

Whale.io Confirms First Airdrop For Crock Dentist NFT Holders

October 29, 2025

BTC And XRP Prices Fluctuate Dramatically. WOAHash Helps Holders Earn $9,900 In Daily Returns.

October 29, 2025

Acre Launches V2 Platform, Enabling Bitcoin Holders To Earn 14% APY (est.) From Self-Custody

October 29, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Jiuzi Holdings Launches $1 Billion Bitcoin Treasury With SOLV To Drive Institutional Yields And RWA Innovation

October 30, 2025

Hetu 3.0 – Deep Intelligence Money

October 30, 2025

Doodles has joined Universal Monsters and dropped a TON of NFT stickers.

October 30, 2025
Most Popular

Worldcoin WLD price: surges after introduction of OpenAI’s Sora

February 21, 2024

As interest in AI soars, Fetch.ai (FET) regains momentum and InQubeta (QUBE) hits $11.3 million in presales.

March 11, 2024

POPG, Expanding the Community-Driven Web3 Ecosystem

September 4, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.