In a significant move, the Blockchain Association has voiced strong opposition to Senator Elizabeth Warren’s proposed Anti-Money Laundering (AML) bill, citing potential harm to the United States. The Association, representing various stakeholders within the crypto industry, has garnered support from 80 prominent figures, including former government officials and financial crime experts.
The letter, dated February 13, underscores concerns that the passage of Warren’s bill could strip the U.S. of a crucial strategic advantage and lead to substantial job losses. It highlights the pivotal role digital assets play in driving economic growth and technological advancement, urging policymakers to consider the collective expertise of the signatories.
Representatives of the Blockchain Association warn that adopting the bill would effectively stifle the digital asset industry in the U.S., hampering technological innovation and undermining competitiveness in a rapidly expanding sector. This stance comes amid Senator Warren’s history of opposition to the digital asset industry, with the bill proposing to extend AML regulations to encompass digital finance.
The proposed legislation seeks to enforce Know Your Customer (KYC) standards on various participants in crypto networks, including offline wallet providers, miners, and validators. Furthermore, it aims to subject all financial institutions in the U.S. to heightened scrutiny regarding anti-money laundering and anti-tax evasion reporting obligations.
The Blockchain Association’s stance underscores the contentious nature of regulatory efforts surrounding the digital asset landscape, with industry stakeholders and policymakers at odds over the appropriate balance between innovation and compliance.
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