The Blockchain Association has written a second letter to the House of Representatives Financial Services Committee and the Senate Banking Committee to express its concerns about the bill, which was sponsored by Senator Elizabeth Warren.
The Anti-Money Laundering Act of 2023(DAAMLA), which raised concerns in the crypto community, was supported by 19 other senators. In November 2023. Blockchain Association first sent a letter with 40 signatories from former US national security, intelligence and military officials. However, eighty people from similar backgrounds signed on to the recent letter.
Unlike the first letter, which sought to clarify the exaggerated narrative linking cryptocurrencies to a Hamas attack on Israel in 2023, the new letter focuses on the policy implications of Warren’s DAAMLA bill.
The Blockchain Association argues that Warren’s bill threatens the nation’s strategic advantage, threatens tens of thousands of jobs in the United States, and offers little ability to combat illegal actors in the crypto space.
The letter is also a response to Warren’s previous letter to the Blockchain Association, in which 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.
Warren’s allegations concerned the Blockchain Association’s plans to hold a meeting on Capitol Hill to discuss the concerns expressed in their initial letter. Coinbase and Coin Center also received similar letters.
In its latest letter to the senator, the Blockchain Association said it questioned the integrity and motivation of many US military and intelligence veterans without addressing the substance of their claims. It is worth noting that DAAMLA and other legislation has not yet been approved by Senator Sherrod Brown (D-OH), chairman of the Senate Banking Committee. As chairman of the committee, Brown has significant influence over whether cryptocurrency legislation will be sent to the full Senate for consideration.
A report by the Blockchain Association found that DAAMLA threatens the nation’s strategic advantage , puts tens of thousands of US jobs at risk, and has little impact on attacking illegal organizations.
Many industry experts say this approach is indefensible, given the nature of blockchain technology. The Blockchain Association plans to coordinate another visit to Capitol Hill in March to engage policymakers in a detailed discussion of the issues surrounding the DAAMLA legislation.