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United States Senator Elizabeth Warren\u2019s crypto Anti-Money Laundering bill has been causing a massive stir in the crypto industry. But some have pointed out that the senator\u2019s bills have a track record of not going anywhere.<\/p>\n
According to data from the bill-tracking platform GovTrack, Warren has introduced 330 bills during her 11 years as a senator. Ten were eventually folded into other bills, and only one relatively obscure bill has ever been enacted. <\/p>\n
This was the National POW\/MIA Flag Act, which requires the prisoner of war\/missing in action flag to be displayed alongside the U.S. flag on some federal property.<\/p>\n
\nPOW\/MIA flag to be required to fly alongside US flag on some buildings if Trump signs the bill on his desk https:\/\/t.co\/odKY0HffxF pic.twitter.com\/vgtlLteOM8<\/a><\/p>\n
\u2014 American Military News (@AmerMilNews) October 24, 2019<\/a><\/p><\/blockquote>\n
\u201cVery few bills are ever enacted \u2014 most legislators sponsor only a handful that are signed into law,\u201d GovTrack explained. Most of the time, members of Congress take actions such as putting up legislative amendments and working on committees, which go largely unnoticed by the public. <\/p>\n
Reintroduced in July, Warren\u2019s Digital Asset Anti-Money Laundering Act aims to close gaps in the country\u2019s money laundering rules by classifying a range of crypto applications \u2014 including noncustodial wallets \u2014 and firms as financial institutions regulated under the Bank Secrecy Act. <\/p>\n
\nThe same rules should apply to the same kinds of financial transactions with the same kinds of risks. So my new, bipartisan \u200b\u200bDigital Asset Anti-Money Laundering Act will make the crypto industry follow the same anti-money-laundering standards as banks, brokers, & Western Union.<\/p>\n
\u2014 Elizabeth Warren (@ewarren) December 29, 2022<\/a><\/p><\/blockquote>\n
So far, the bill has garnered bipartisan support, and a further five senators from Warren\u2019s Democratic Party agreed to co-sponsor the bill on Dec. 11.<\/p>\n
Bill would \u2018effectively ban\u2019 Bitcoin \u2014 Galaxy Research head<\/h2>\n
Still, those opposed to the bill warn it will choke out crypto in the United States.<\/p>\n
Galaxy Research\u2019s head of firmwide research, Alex Thorn, claimed in a Dec. 11 X (formerly Twitter) post that the bill would be \u201can effective ban\u201d on Bitcoin (BTC) and crypto.<\/p>\n
Thorn pointed to clauses in the act that extend Know Your Customer requirements to crypto wallet providers, miners and validators, saying such decentralized software \u201ccannot plausibly perform centralized compliance functions.\u201d<\/p>\n
\nrequiring non-custodial open-source software to perform bank-like compliance is *the big attack* bitcoin\u2019s enemies have always threatened. it\u2019s impossible for bitcoin core, for example, to comply with this, so it amounts to an effective ban of bitcoin in the USA.<\/p>\n
\u2014 Alex Thorn (@intangiblecoins) December 11, 2023<\/a><\/p><\/blockquote>\n
\u201cWarren\u2019s bill would effectively outlaw crypto in America,\u201d Thorn added.<\/p>\n
Related: <\/em><\/strong>Bitcoin is of \u2018national strategic importance\u2019 says US Space Force officer<\/em><\/strong><\/p>\n
Neeraj Agrawal, the communications director at crypto think tank Coin Center, posted on X that the bill is a \u201cdirect attack on technological progress\u201d and personal privacy.<\/p>\n
\u201cWhile proposed as a solution to potential money laundering and terrorist financing, the bill is in fact a repudiation of liberal values,\u201d Agrawal claimed.<\/p>\n
\nThe Digital Asset Anti-Money Laundering Act is a direct attack on technological progress and also a direct attack on our personal privacy and autonomy. <\/p>\n
Make no mistake, while proposed as a solution to potential money laundering and terrorist financing, the bill is in fact a\u2026 pic.twitter.com\/8oID1wECGL<\/a><\/p>\n
\u2014 Neeraj K. Agrawal (@NeerajKA) December 11, 2023<\/a><\/p><\/blockquote>\n
\u201cThe bill cannot be improved,\u201d he added. \u201cIt can only be opposed in its entirety.\u201d<\/p>\n
Magazine: <\/em><\/strong>Lawmakers\u2019 fear and doubt drives proposed crypto regulations in US<\/em><\/strong><\/p>\n
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