The Chamber of Digital Commerce (CDC), a major cryptocurrency advocacy group, is urging the chairman of the Senate Banking Committee to reject a proposed anti-money laundering bill. They claim the bill, named the Digital Asset Anti-Money Laundering Act (DAAMLA), would "kill the entire" cryptocurrency industry.
The CDC argues that DAAMLA poses a threat to national security and the economy by pushing American companies overseas due to unrealistic compliance requirements. They compare the bill's expectations to demanding an ink manufacturer track every person who touches a dollar bill.
The CDC isn't alone in its opposition. The Blockchain Association also expressed concerns, arguing that digital assets offer a "strategic advantage" to the US. They claim DAAMLA exaggerates the use of cryptocurrency in illegal activities and imposes unreasonable burdens on businesses.
The bill's sponsor, Senator Elizabeth Warren, and its supporter, Senator Sherrod Brown, are both up for re-election in 2024. Cryptocurrency attorney John Deaton recently announced his candidacy against Senator Warren, citing his opposition to DAAMLA as a key reason.
