Blockchain Association Warns Warren’s Anti-Crypto Legislation Threatens US Jobs and Strategic Advantage

cryptonews.com:

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.

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.