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Elizabeth Warren's Senate AML Bill Loses GOP Co-Sponsor
Sen. Roger Marshall drops support for the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA).
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Sen. Roger Marshall (R-KAN) has withdrawn from the proposed Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA) he originally introduced with Sen. Elizabeth Warren.
What’s the scoop?
- Pressure and Industry Opposition: Marshall cited “tremendous” pressure from the crypto industry and Donald Trump’s pro-crypto stance as reasons for his withdrawal. The Blockchain Association and other advocacy organizations have strongly opposed the bill, arguing it would drive the industry overseas and stifle innovation.
- Bill Background: Introduced by Warren and Marshall in December 2022 and reintroduced in July 2023, the bill aimed to enforce stricter anti-money laundering rules on digital assets.
- Remaining Support: Despite Marshall's withdrawal, the bill still has 18 co-sponsoring senators.
Bankless take:
One down, eighteen to go. With Trump’s pro-crypto momentum growing stronger by the day, we may see the other Republican co-sponsoring the bill withdraw his support in time. DAAMLA has garnered a lot of commentary from the industry, with Galaxy Digital’s Alex Thornhead saying this bill would be a disaster that would criminalize software developers, nodes, miners and more,” and Digital Chamber Chief Policy Officer, Cody Carbone, calling it “a backdoor ban on blockchain technology by creating impossible compliance requirements for miners, validators, etc.”