A petition aiming to prevent a proposed crypto ban in the U.S. has garnered attention. The Chamber of Digital Commerce has outlined concerns regarding the Digital Asset Anti Money Laundering Act, introduced by Sen. Elizabeth Warren and endorsed by 19 U.S. senators, as first reported by Bitcoin.com.
Crypto ban petition gaining grounds
The petition entitled “Stop The Crypto Ban,” which was reportedly launched on Change.org by the Chamber of Digital Commerce on Dec. 16, has amassed nearly 10,000 signatures as of the current writing.
Described as a “crypto ban,” the Chamber asserts that this act can hinder innovation, adversely affect job prospects, and undermine the growing potential of the U.S. economy in the cryptocurrency sector.
The leading U.S. blockchain and digital asset trade association emphasized the importance of citizens’ involvement, urging them to sign the petition to halt the proposed cryptocurrency ban. The chamber had stated that as concerned citizens of the U.S., there is a need to sign the petition to stop a proposed ban on cryptocurrency.
Additionally, the association outlined that by endorsing the pledge, individuals commit to not supporting any cosponsor of the Digital Asset Anti-Money Laundering Act in any future election campaign.
Last December, Warren introduced the Digital Asset Anti-Money Laundering Act, a bill that experts have touted as “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.” Since its introduction, the bill has garnered substantial support.
While recognizing the importance of regulation in ensuring the safety and integrity of the digital asset space, the Chamber expressed reservations about the current iteration of the legislation, emphasizing that it essentially acts as a “ban on digital innovation.” The Chamber elaborated on its concerns, encompassing potential economic impacts, restrictions on innovation, as well as security and privacy issues.
Furthermore, the petition associated with the bill notes that its limitations could hinder consumer access to a diverse range of financial tools and services provided by the digital asset ecosystem, thereby obstructing financial inclusion and choice.
The petition specifically addresses several senators, including Elizabeth Warren (D-MA), Roger Marshall (R-KS), Lindsey Graham (R-SC), Joe Manchin (D-WV), Dick Durbin (D-IL), Robert Casey (D-PA), Jeanne Shaheen (D-NH), Michael Bennet (D-CO), Gary Peters (D-MI), Richard Blumenthal (D-CT), Angus King (I-ME), Tina Smith (D-MN), Catherine Cortez-Masto (D-NV), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Ben Ray Lujan (D-NM), Laphonza Butler (D-CA), John Hickenlooper (D-CO), Raphael Warnock (D-GA), and Chris Van Hollen (D-MD).
Expressing their concerns, the undersigned individuals make a pledge not to support any senator in any future election unless they oppose the Digital Asset Anti Money Laundering Act in its current form. The petition emphasizes the need for these senators to consider the potential long-term implications of the bill on innovation, economic growth, and consumer freedom.
Digital Asset Anti-Money Laundering Act
Warren has been a prominent critic of cryptocurrencies, introducing multiple bills aimed at regulation or potential ban. The latest Digital Asset Anti-Money Laundering Act has gained bipartisan support and backing from the Treasury Department, Department of Justice, and national security experts.
Despite this, concerns from both experts and the crypto community have been raised, suggesting potential threats to user privacy and freedom. Critics argue that the bill imposes burdens on software developers and aims to eliminate privacy tools safeguarding crypto users.
The bill’s passage remains uncertain, given a divided Congress entering an election year. While Warren asserts the necessity of her bill to combat illicit activities, critics propose a more balanced approach targeting specific criminal elements.
They argue that the existing anti-money laundering system, adhered to by major crypto exchanges, effectively intercepts illicit crypto usage, with only isolated incidents reported.
The Digital Asset Anti-Money Laundering Act is viewed as deeply flawed legislation, posing a genuine threat to the crypto community and possibly playing into the hands of those opposing technological progress.