Republican Senator Roger Marshall withdraws support for controversial encryption bill
On July 26, Republican U.S. Senator Roger Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) on July 24th.
The bill, which was co-sponsored by Marshall along with Democratic Senator Elizabeth Warren in December 2022, aimed to bring the crypto industry into the existing anti-money laundering and counter-terrorist financing framework.
The bill defines decentralized wallet providers, validators, and miners, among others, as financial institutions and requires them to comply with the Bank Secrecy Act. Multiple crypto organizations have criticized the bill for overstating the role of crypto in terrorism financing, warning that it could cripple the U.S. crypto industry.
Eighteen senators still support the bill. senator Warren is running for re-election in 2024, and pro-encryption attorney John Deaton has announced that he will run as a Republican candidate in an attempt to take Warren's seat.
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