The Blockchain Association, representing crypto industry interests, challenges Senator Elizabeth Warren’s AML bill in a letter to Congress.
In the appeal dated Feb. 13, 80 notable signatories express concerns, warning of potential harm to US strategic advantages and job loss.
The letter highlights the crucial role of digital assets in economic growth, technology advancement, and national security.
Representatives argue that the bill’s adoption would stifle the US digital asset industry, hindering innovation and competitiveness.
Senator Warren’s AML bill, developed with input from the US banking lobby, aims to extend anti-money laundering rules to digital finance.
If passed, the legislation will subject all crypto network participants to KYC standards and increase scrutiny on financial institutions’ reporting obligations.
Senator Warren’s stance against the digital asset industry has been consistent, with previous criticism directed at SEC-approved spot Bitcoin ETFs.
