Introduction of the Digital Asset Anti-Money Laundering Act
A recent move in the US was the introduction of the Digital Asset Anti-Money Laundering Act, a bill aimed at curbing the use of cryptocurrencies in the country. The bill gained support from five new Senators, including three members of the Banking Committee.
Claims of Senators Being “Paid Off”
Crypto advocate Evan Van Ness posted a list of Senators he claimed were “paid off by the banks” to support Elizabeth Warren’s anti-crypto bill. The list included Senators from various states and political parties.
A Ban on BTC in the United States?
The head of research at Galaxy, Alex Thorn, stated that the bill effectively amounts to a ban on Bitcoin in the United States. He argued that requiring non-custodial open-source software to perform bank-like compliance is impossible for Bitcoin Core and undermines the core innovation of peer-to-peer digital cash.
Don’t Panic Yet
However, MV Capital partner Tom Dunleavy pointed out that most bills sponsored by Senator Warren have not passed Congress in recent years. Bitcoin pioneer Jameson Lopp also highlighted Warren’s low success rate in getting bills enacted into law, suggesting that there may not be cause for immediate concern.
Hot Take: The Future of Cryptocurrency Regulation
The introduction of the Digital Asset Anti-Money Laundering Act highlights ongoing efforts to regulate cryptocurrencies in the US. While some view it as a potential ban on Bitcoin, others believe that its chances of becoming law are slim based on Senator Warren’s track record. As cryptocurrency continues to gain mainstream attention, it remains to be seen how regulators will strike a balance between innovation and oversight.
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