Crypto Advocacy Group Urges Senate Banking Chair to Reject Elizabeth Warren’s DAAMLA Bill
US crypto advocacy group, the Chamber of Digital Commerce (CDC), is opposing Senator Elizabeth Warren’s anti money-laundering (AML) DAAMLA legislation, claiming she is “trying to kill the entire industry,” according to a tweet yesterday on X.
Digital assets have been under attack from politicians for years, but never like this. Senators @SenWarren and @SenSherrodBrown are trying to kill the entire industry, and their efforts are moving forward. pic.twitter.com/n7jJEAIjKI
— Chamber of Digital Commerce (@DigitalChamber) February 20, 2024
In a followup tweet, the lobbying group called Warren’s Digital Asset Anti-Money Laundering Act (DAAMLA) “the greatest threat our industry has faced” while linking readers to a petition to stop the bill, which it labels “a proposed crypto ban.”
The CDC also sent a letter to the Senate Banking Committee Chair, Sherrod Brown, another DAAMLA supporter. Signed by Perianne Boring, the lobbying group’s founder and CEO, the letter warns: “this bill, if passed, will erase hundreds of billions of dollars in value for U.S. start–ups and decimate the savings of countless Americans invested in this asset class
legally.”
Boring’s letter also mentions a potential national security threat, as “this bill will ensure we cede any remaining leadership position in the digital economy to China, Russia, North Korea, and Iran.”
The main issue with the proposed bill, according to the CDC, is the “draconian” transaction reporting requirements placed on crypto miners and validators.
The CDC likens the “absurd” reporting requirements to an “ink manufacturer tasked with tracking every individual who ever handles a single dollar bill printed with their ink, across the entire globe.”
Finally, the letter also alleges the bill
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