U.S. Senator withdraws support for the anti-money laundering bill on cryptocurrency proposed by Elizabeth Warren

2024-07-26 18:05:40

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ChainCatcher news, according to The Block, U.S. Senator Roger Marshall has withdrawn his support for the anti-money laundering bill proposed by Elizabeth Warren. This move comes amid significant pressure from the crypto industry and the backdrop of Donald Trump's support for crypto.

Marshall became the first co-sponsor to withdraw support this week, although the bill still has the backing of 18 other senators. The bill aims to strengthen the U.S. anti-money laundering regulations for digital assets, requiring digital asset service providers, miners, and validators to adhere to stricter customer identification and anti-money laundering responsibilities. The crypto industry has strongly opposed this bill, arguing that it would negatively impact decentralized finance and could stifle innovation in the industry. The Chief Policy Officer of the Digital Chamber stated that the bill is essentially a "backdoor ban" on blockchain technology.

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