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FameEX Hot Topics | Senator Reveals American Bankers Association's Role in Shaping New Anti-Crypto Bill
2023-12-20 16:35:06
Recent comments by Senator Roger Marshall have brought to light the involvement of the American Bankers Association (ABA) in the drafting of the Digital Asset Anti-Money Laundering Act, a controversial anti-crypto bill co-sponsored by Senators Marshall and Elizabeth Warren. The bill, introduced in December 2022, seeks to subject various crypto technologies, including non-custodial wallets, validators, and mining pools, to strict banking regulations in the United States.
Senator Marshall's revelation came through a video that surfaced on December 20 on X, formerly known as Twitter. In the video, he acknowledged seeking assistance from the American Bankers Association (ABA) in formulating the legislation, stating, "The first thing that we did is that we went to the American Bankers Association and said 'help us craft this.'" The Digital Asset Anti-Money Laundering Act has stirred controversy within the crypto community due to its stringent regulatory approach toward the industry. Senator Marshall also mentioned a meeting between Senator Warren and JPMorgan CEO Jamie Dimon, during which both reportedly concurred that cryptocurrencies were primarily used for criminal purposes. The video was sourced from a parliamentary security-intelligence forum held earlier in the month. The bill has been gaining support in Congress, with five new Senators signing on as co-sponsors on December 11, including three members of the Banking Committee. Additionally, the Bank Policy Institute (BPI), a U.S. banking advocacy group, has expressed its endorsement of the anti-crypto legislation introduced by Senator Warren. Critics of anti-crypto legislation often argue that digital assets are unfairly associated with criminal activities. Data from the blockchain analysis platform Chainalysis indicates that less than 0.2% of cryptocurrency transactions are linked to illicit purposes. They also highlight that traditional finance is not immune to criminal activity, citing instances of major banks facing substantial fines for various violations. In response to these revelations, finance lawyer Scott Johnsson suggested that voters concerned about Senator Warren's stance on crypto should concentrate their efforts on vulnerable seats that have supported her anti-crypto agenda over the past year. The participation of the American Bankers Association in shaping anti-crypto legislation underscores the ongoing debate among regulators, lawmakers, and the crypto industry concerning the appropriate regulatory framework for digital assets. As the crypto industry continues to evolve, reconciling the perspectives of these stakeholders remains a complex challenge. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
