Senator Marshall’s withdrawal reduces DAAMLA support, complicating the bill’s future.
Critics argue that DAAMLA could harm the U.S. crypto industry and investors significantly.
Senator Roger Marshall, a Republican from Kansas, has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), dealing a significant blow to the controversial legislation co-authored with Democratic Senator Elizabeth Warren. The move, announced on July 24, reduces the bill’s backing to 18 senators, complicating its legislative prospects.
Introduced in December 2022 and reintroduced in July 2023, DAAMLA seeks to impose stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations on the cryptocurrency industry. The bill proposes classifying a broad range of crypto entities—such as decentralized wallet providers, validators, and miners—as financial institutions, thereby subjecting them to the Bank Secrecy Act.
Senator Warren argues that DAAMLA
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