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The Blockchain Association, a non-profit organization focused on the development of the digital asset sector, has voiced its concern regarding Massachusetts Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Bill, stating that the proposed regulation will drive crypto businesses overseas.
Warren has been a staunch critic of digital assets and the blockchain industry, and her AML bill was first introduced in Congress in December 2022 and co-sponsored by Senator Roger Marshall. The lawmaker promised to reintroduce the bill back in February 2023 and attracted the attention of the crypto community.
Blockchain Association Calls Out Warren’s Bill
In a February 13 letter, a coalition of over eighty individuals, composed of people from US government and military backgrounds, signed their names, supporting the opposition to Senator Warren’s bill, which was initiated by the Blockchain Association.
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1/ Today, we sent a new letter to Congress, supported by a doubled 80+ coalition of former military and national security professionals urging members to reconsider support for proposed legislation that could cripple the domestic digital assets industry.https://t.co/6bSarhpVP4 pic.twitter.com/uxIqyGp1AY
— Blockchain Association (@BlockchainAssn) February 13, 2024
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Driving Digital Asset Industry Overseas
The letter noted that the proposed legislation from Senator Warren would impede law enforcement efforts and trigger national security apprehensions by “driving the majority of the digital asset industry overseas.”
“This shift could also lead to increased liquidity in unregulated offshore exchanges and a loss of valuable expertise and visibility for the U.S. in the blockchain realm,” said the letter while adding:
“Further, this legislation, if implemented, will have no meaningful effect on the foreign illicit actors it targets.”
Signatures from Notable Individuals
It is important to note that Coinbase chief policy officer Faryar Shirzad, former US Army Reserve, US Marine Corps, US Air Force, US Navy, and Justice Department members have signed the letter from the Blockchain Association.
“We are witnessing a pivotal moment where the future of digital asset development hangs in the balance. It is imperative that policymakers consider the collective expertise of the signatories and recognize the invaluable role digital assets play in driving economic growth, fostering technological advancement, and protecting our nation’s security,” said Blockchain Association CEO Kristin Smith.
Blockchain Association Responds to Warren
The Blockchain Association stated that the letter was a response to a December 18 letter from Senator Warren, wherein she stated that the digital asset sector had a “small army of former defense, national security, and law enforcement officials” that sought to impede the process of regulating the sector.
“We hope this letter, following our first NatSec-focused letter in Nov, will foster a dialogue of collaboration rather than confrontation. Combating illicit finance is too important to succumb to misinformation & misunderstanding–something even crypto’s critics can agree on,” said Blockchain Associated in an X post.