US Senator Roger Marshall revealed that the American Bankers Association helped him and Senator Elizabeth Warren formulate the controversial Digital Asset Anti-Money Laundering Act, which has drawn sharp criticism from the cryptocurrency community.
The senator admitted this during a December 7 speech at the Parliamentary Intelligence-Security Forum, saying:
“When Senator Warren presented that legislation to us, the first thing we did was go to the American Bank Association and say, help us create this. [because] we want crypto to be held at the same level as you and I think that has given us a lot of support and support.”
This revelation has led to significant criticism from several crypto stakeholders towards lawmakers.
Coinbase CEO Brian Armstrong expressed disappointment in lawmakers’ advocacy for banks, highlighting the dissatisfaction among countless Americans with the existing financial system. He emphasized that being against cryptocurrency could be an unwise political move leading into 2024.
Sam Lyman, director of public policy at Bitcoin miner Riot Platforms, said:
“They don’t even try to hide it anymore: the big banks wrote the bill to destroy crypto in the US. But please keep telling me this is just about AML.”
Over the past year, the Digital Asset Anti-Money Laundering Act has received support from several US lawmakers and Wall Street banks who want better oversight of the nascent crypto industry.
According to the lawmakers, the bill addresses existing loopholes and brings the digital asset ecosystem more closely in line with the established anti-money laundering and anti-terrorist financing (AML/CFT) frameworks that govern the broader financial system .
The community slams Warren over the Digital Asset Anti-Money Laundering Act
Meanwhile, the new revelation comes after Senator Warren’s latest anti-crypto move.
The legislature came on December 19 wrote that crypto companies are spending millions to hire an “army of former defense and law enforcement officials to lobby against new rules that will stop crypto-funded terrorism.”
“This revolving door boosts the crypto industry but puts our national security at risk,” she added.
The statement sparked severe backlash from the crypto community who criticized Senator Warren’s position.
Galaxy Digital CEO Mike Novogratz described Warren as someone who wants to make headlines, adding:
“It’s sad that Warren who started her career with good intentions has turned into a dishonest know-it-all who takes every opportunity she gets to make headlines.
Similarly, Pierre Rochard, the Research VP of Riot Platforms, says: described the senator’s statement as an attack on the First Amendment, saying:
“Elizabeth Warren is now attacking the First Amendment. Bitcoin proponents have the right to participate in the policy-making process. We can’t just pass laws written by the big banks without debate.”
On the other hand, Ripple CTO David Schwartz said fury at the senator’s new move.