Senator Thom Tillis Joins the Opposition Against Warren's Proposed Anti-Cryptocurrency Legislation

Tillis Opposes Warren’s Anti-Crypto Bill

Senator Thom Tillis (R-NC) has expressed his opposition to Senator Elizabeth Warren’s (D-MA) proposed anti-crypto bill. In a letter published by Satoshi Act Fund CEO and co-founder, Dennis Porter, Tillis outlined his concerns about the “Digital Asset Anti-Money Laundering Act,” specifically regarding its provisions related to the Bank Secrecy Act.

Tillis’ Concerns

Tillis raised significant concerns about the legislation, stating that efforts to classify validators and miners as financial institutions for compliance with the Bank Secrecy Act misunderstand their technical functions in blockchain operations. He emphasized the need for federal regulators to combat illicit finance but expressed reservations about the potential impact of this bill.

Pushback Against Warren’s Bill

The crypto community has voiced opposition to the Digital Asset Anti-Money Laundering Act, claiming it would harm the industry. The Chamber of Digital Commerce argued that the bill would impose impractical compliance burdens, stifle innovation, and drive activity offshore. Tillis echoed these concerns and criticized the SEC’s regulation-by-enforcement approach in the digital asset space.

An Unlikely Outcome

Despite garnering support from other senators, Warren’s bill faces a grim outlook. Open data organization GovTrack gives it only a 2% chance of passing.

Hot Take: Tillis Opposes Warren’s Anti-Crypto Bill

Senator Thom Tillis has joined the chorus of voices opposing Senator Elizabeth Warren’s anti-crypto legislation. Tillis expressed his concerns about the bill’s impact on validators and miners, stating that it misunderstands their roles in blockchain operations. Additionally, he criticized heavy-handed regulatory initiatives that could push the US digital asset industry offshore. While Warren’s bill has gained support, its chances of passing are slim according to GovTrack. As the debate over crypto regulation continues, it remains to be seen how these opposing viewpoints will shape the future of the industry.