TechFlow news — On July 26, according to The Block, U.S. Senator Roger Marshall withdrew his support for Senator Elizabeth Warren’s proposed anti-money laundering legislation targeting cryptocurrency. The move comes amid significant pressure from the crypto industry and growing pro-crypto sentiment exemplified by Donald Trump's recent support for digital assets.
Marshall became this week the first co-sponsor to retract support, although the bill still retains backing from 18 other senators. The legislation aims to strengthen anti-money laundering regulations for digital assets in the United States, requiring stricter customer identification and AML obligations for digital asset service providers, miners, and validators. The crypto industry has strongly opposed the bill, arguing it would negatively impact decentralized finance and stifle innovation. The Chamber of Digital Commerce's Chief Policy Officer described the bill as a "backdoor ban" on blockchain technology.
