A petition seeking to block an anticipated crypto ban in the U.S. has gained traction. The Chamber of Digital Commerce has expressed reservations about the Digital Asset Anti Money Laundering Act, initially brought forth by Sen. Elizabeth Warren and supported by 19 U.S. senators, as reported by Bitcoin.com.
Petition Against Cryptocurrency Ban Gaining Momentum
The petition titled “Stop The Crypto Ban,” initiated by the Chamber of Digital Commerce on Change.org on December 16, has gathered close to 10,000 signatures at the time of this writing.
Termed a “crypto ban” by the Chamber, they argue that such legislation could stifle innovation, negatively impact job opportunities, and hinder the cryptocurrency sector’s growth potential in the U.S. The prominent U.S. blockchain and digital asset trade association stressed the importance of citizens’ engagement, urging them to sign the petition to thwart the proposed crypto ban.
Highlighting the significance of citizens’ involvement, the chamber emphasized the need for individuals, as concerned U.S. citizens, to sign the petition and prevent the proposed cryptocurrency ban. Moreover, they outlined that by endorsing the pledge, individuals commit to not supporting any cosponsor of the Digital Asset Anti-Money Laundering Act in future election campaigns.
In December, Senator Warren introduced the Digital Asset Anti-Money Laundering Act, a bill criticized by experts 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 gained substantial support.
While acknowledging the importance of regulation for the safety and integrity of the digital asset space, the Chamber raised concerns about the current version of the legislation, stating that it effectively serves as a “ban on digital innovation.” The Chamber detailed these concerns, encompassing potential economic impacts, limitations on innovation, and security and privacy issues.
Additionally, the associated petition highlights that the proposed restrictions could impede consumer access to a diverse array of financial tools and services offered by the digital asset ecosystem, hindering financial inclusion and choice.
The petition specifically targets 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).
The undersigned individuals express their concerns and pledge not to support any senator in future elections unless they oppose the Digital Asset Anti Money Laundering Act in its current form. The petition underscores the importance for these senators to consider the potential long-term implications of the bill on innovation, economic growth, and consumer freedom.
Act to Counter Digital Asset Money Laundering
Warren, a vocal critic of cryptocurrencies, has introduced multiple bills advocating for their regulation or potential prohibition. The latest legislation, the Digital Asset Anti-Money Laundering Act, has garnered bipartisan support and endorsements from the Treasury Department, Department of Justice, and national security experts.
Despite this, concerns from experts and the crypto community have surfaced, highlighting potential risks to user privacy and freedom. Critics argue that the bill places undue burdens on software developers and seeks to eliminate privacy tools that protect crypto users.
The bill’s fate remains uncertain, given a divided Congress entering an election year. While Warren emphasizes the importance of her legislation in combating illicit activities, opponents propose a more balanced approach targeting specific criminal elements.
They contend that the current anti-money laundering system, followed by major crypto exchanges, effectively addresses illicit crypto usage, with only isolated incidents reported. The Digital Asset Anti-Money Laundering Act is perceived as flawed legislation, posing a genuine threat to the crypto community and potentially aligning with those opposing technological progress.
