TechFlow news, Republican Senator Roger Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) on July 24.
The bill was jointly introduced in December 2022 by Marshall and Democratic Senator Elizabeth Warren, aiming to bring the cryptocurrency industry under existing anti-money laundering and counter-terrorism financing frameworks.
The legislation defines decentralized wallet providers, validators, and miners as financial institutions, requiring them to comply with the Bank Secrecy Act. Multiple cryptocurrency organizations have criticized the bill for overstating the role of crypto in terrorist financing, warning it could undermine the U.S. crypto industry.
There are currently still 18 senators supporting the bill. Senator Warren is running for re-election in 2024, while pro-crypto attorney John Deaton has announced he will run as a Republican candidate to challenge Warren for her seat.
