U.S. Senator Roger Marshall revealed that the American Bankers Association assisted him and Senator Elizabeth Warren in formulating the contentious Digital Asset Anti-Money Laundering Act that has drawn steep criticism from the cryptocurrency community.
The Senator made this admission during a Dec. 7 speech delivered at the Parliamentary Intelligence-Security Forum, saying:
“When Senator Warren presented that legislation to us, the first thing we did is we went to the American Bank Association and said help us craft this [because] we want crypto to be held up at the same standard as you are and I think that by doing that it gave us a lot of buy in and a lot of support.”
This disclosure has sparked significant criticism from various crypto stakeholders against the lawmakers.
Coinbase CEO Brian Armstrong expressed disappointment with lawmakers advocating for banks, highlighting the dissatisfaction among numerous Americans with the existing financial system. He emphasized that being against cryptocurrency could be an unwise political move leading to 2024.
Sam Lyman, the director of public policy at Bitcoin miner Riot Platforms, said:
“They’re not even trying to hide it anymore: the big banks wrote the bill to kill crypto in the US. But please, keep telling me this is just about AML.”
During the past year, the Digital Asset Anti-Money Laundering Act has garnered support from several US lawmakers and Wall Street banks who want enhanced regulatory oversight for the emerging crypto industry.
According to the lawmakers, the bill addresses existing loopholes and aligns the digital asset ecosystem more closely with established anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks that govern the broader financial system.
Community lashes Warren on the Digital Asset Anti-Money Laundering Act
Meanwhile, the new revelation is coming on the heels of Sen. Warren’s latest anti-crypto move.
On Dec. 19, the lawmaker wrote that crypto companies were spending millions to employ an “army of former defense and law enforcement officials to lobby against new rules shutting down crypto-financed terrorism.”
“This revolving door boosts the crypto industry but endangers our national security,” she added.
The statement generated severe backlash from the crypto community criticizing Sen. Warren’s stance.
Mike Novogratz, the CEO of Galaxy Digital, described Warren as someone who wants to make headlines, adding that:
“It is sad that Warren who started her career with good intentions has morphed into a disingenuous know-it-all who uses any chance she gets to make a headline.”
Similarly, Pierre Rochard, the Research VP of Riot Platforms, described the Senator’s statement as an attack on the First Amendment, saying:
“Elizabeth Warren is now attacking the First Amendment. bitcoin proponents have a right to engage in the policymaking process. We can’t just pass laws written by Big Banks without debate.”
On the other hand, Ripple CTO David Schwartz expressed anger at the Senator’s new move.
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