Republican Senator Roger Marshall of Kansas has withdrawn from the crypto anti-money laundering bill he originally co-sponsored with Democratic Senator Elizabeth Warren of Massachusetts. According to congressional legislative records, Marshall this week withdrew his support for the controversial Digital Assets Anti-Money Laundering Act of 2023 (DAAMLA), becoming the first co-sponsor to do so. However, the bipartisan bill still has the support of 18 co-sponsoring senators.
First introduced by Warren and Marshall in December 2022, the bill seeks to strengthen U.S. anti-money laundering rules for digital assets. The bill aims to extend know-your-customer and anti-money laundering verification responsibilities to digital asset service providers, miners, validators, and other participants in an effort to plug existing security bugs in cryptocurrencies. Part of the anti-money laundering bill also proposes that the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission establish a new anti-money laundering review process to force digital asset entities to comply with the Bank Secrecy Act.
US senators withdraw support for Elizabeth Warren's cryptocurrency anti-money laundering bill
2024-07-26 10:01:18
United states of kansas senator roger marshall quit massachusetts democratic senatordesk3cryptocurrencydesktopCrypto News
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