Republican co-author Senator Roger Marshall withdrew his support for Senator Warren’s DAAMLA. The bill faced strong opposition from cryptocurrency advocates and industry experts. Meanwhile, Senator Warren’s 2024 re-election campaign is facing opposition from pro-crypto attorney John Deaton.
Senator Marshall withdraws his support for Senator Warren!
Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act, a controversial anti-crypto bill he co-sponsored with Democratic Senator Elizabeth Warren in 2022. Marshall withdrew his support as a “co-sponsor” of the bill on July 24. This left 18 senators still supporting the bill, according to the official Congressional guide on the legislation.
What does cryptocurrency hater Senator Warren’s DAAMLA propose?
As you have been following from Kriptokoin.com, Marshall and Warren introduced the DAAMLA bill together in December 2022. Senator Warren claimed that crypto is being used “to launder billions of dollars stolen by rogue nations, oligarchs, drug lords, and human traffickers […]”. The bill aims to bring the crypto industry to its knees under existing Anti-Money Laundering and anti-terrorist financing frameworks.
Specifically, the bill declares a number of crypto service providers, including decentralized wallet providers, validators and miners, as financial institutions. It also requires them to be subject to the terms of the Bank Secrecy Act. Warren reintroduced the DAAMLA bill to the US Senate in July 2023. The bill targets the illegal use of crypto assets for money laundering and terrorism financing.
Cryptocurrency advocates oppose DAAMLA
Some crypto organizations and individuals have criticized the proposed law for exaggerating crypto’s role in funding terrorism and illegal activities. They also warned that it could hinder the US cryptocurrency industry.
On February 20, the US-based crypto advocacy group Digital Chamber of Commerce (CDC) urged the Senate Banking Committee not to consider the DAAMLA bill. It said it would “wipe out hundreds of billions of dollars in value for US startups and destroy the savings of countless Americans who have legally invested in crypto.” On February 13, a group of 80 former military and national security officials from the US government penned a letter warning lawmakers not to support the DAAMLA bill.
Winklevoss twins back Deaton’s campaign
In a related development, Cameron and Tyler Winklevoss have made a significant contribution to John Deaton’s campaign to unseat Senator Warren. The twins donated 16 Bitcoins worth nearly $1 million to support Deaton’s bid. This generous contribution demonstrates the Winklevoss twins’ commitment to supporting a crypto-friendly candidate who they believe will advance the interests of the cryptocurrency industry. John Deaton, known for his advocacy and legislative representation of the cryptocurrency industry, has received support from many prominent individuals and organizations in the crypto space.
Deaton has been vocal in his opposition to what he perceives as the unfair actions of Senator Warren and her supporters against the crypto industry. This significant donation from the Winklevoss twins not only strengthens Deaton’s campaign financially, but also sends a strong message about the crypto community’s willingness to participate in the political process to protect its interests.
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