Blockchain Association called Senator Warren’s AML bill a threat to the United States

  • The Blockchain Association sent a letter to the US Congress criticizing Senator Elizabeth Warren’s AML bill.
  • According to the organization, the bill jeopardizes the country’s strategic advantage.
  • The adoption of the bill could also lead to the loss of tens of thousands of jobs, the authors of the message believe.

The Blockchain Association, an organization representing the interests of the crypto industry, sent a letter to the US Congress criticizing Senator Elizabeth Warren’s AML bill.

It is alleged that the message was compiled by 80 former experts from the field of military and national security. In their opinion, the bill “On combating money laundering in the field of digital assets,” authored by Warren, poses a threat to the United States.

The letter states that passage of the bill would deprive the United States of a strategic advantage. This could also lead to the loss of tens of thousands of jobs, the authors of the message emphasized.

According to representatives of the Blockchain Association, the adoption of the bill will actually “put an end to” the digital asset industry in the United States. This will cause a lag in technological innovation and limit competitiveness in a fast-growing sector, they note.

“We are witnessing a turning point where the future of digital asset development hangs in the balance. It is critical that policymakers take into account the collective expertise of the signatories and recognize the invaluable role of digital assets in driving economic growth, promoting technological progress and protecting the security of our country,” the organization said.

In December, it became known that the largest lobbying organization of the US banking industry took part in the development of Senator Warren’s AML bill.

The politician is a long-time opponent of the digital asset industry. For example, after the US Securities and Exchange Commission approved spot Bitcoin ETFs, it criticized the agency.

Let us recall that we wrote that Coinbase responded to Senator Warren’s accusations of “poaching” personnel from government agencies.

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Barack
As an experienced journalist, expert in useful tips, I have a passion for providing valuable information and practical guides to a wide audience. My articles are characterized by thorough research and verification of reliable sources that ensure the quality and accuracy of every information I provide
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