Chamber of Digital Commerce urges Senate to reject Warren’s crypto bill

The Chamber of Digital Commerce has thrown a heavy punch at a bill that’s making waves in the crypto sea, telling the big shots at the Senate Banking Committee to toss it out. Why? Because Senator Elizabeth Warren and Chair Sherrod Brown are eyeing this bill, called the Digital Asset Anti-Money Laundering Act (DAAMLA), and the crypto industry ain’t happy. They say it’s like dropping a bomb on the whole digital asset scene.

The Bill That’s Stirring the Pot

Perianne Boring, the big boss at the CDC, is sounding the alarm loud and clear. She’s sent a letter straight to Brown’s desk, saying this DAAMLA deal is a ticking time bomb for U.S. national security and the economy. Imagine, she says, if this thing passes, we’re talking about blowing up billions in value for startups and wiping out Americans’ investments. Boring’s got a point—this bill’s demands are out there. It’s like asking a pen maker to track who’s using their pens across the globe. Yeah, good luck with that.

And it’s not just the CDC waving red flags; the Blockchain Association’s in the mix too. They shot off a letter to Brown and other lawmakers, stressing that digital assets are a leg up for the U.S. They’re worried this bill could push crypto businesses out of the country, which is the last thing anyone wants.

Introduced by Warren in July 2023, the DAAMLA’s aimed at cutting down on the shady stuff—money laundering, funding terrorists, you know the drill. But the heat against it is cranking up because a lot of folks think it’s making a mountain out of a molehill with the whole crypto-crime connection.

The Political Wrestling Match

This isn’t just about numbers and laws; it’s getting political. Warren and Brown are gunning for reelection, and now there’s a new player in town—John Deaton. He’s stepping into the ring as a Republican, aiming to take Warren’s spot.

But here’s where it gets juicy: The Treasury Department’s stepping in with some facts that throw a wrench in Warren’s narrative. Brian Nelson from the Treasury told a House committee that the big bad wolf of terrorism funding isn’t crypto—it’s the old-school financial system. This is a bit of an “oops” moment for Warren, who’s been painting crypto as public enemy number one.

Senator Cynthia Lummis is calling Warren out, too. She’s pointing out that Warren’s cherry-picking data to make crypto look bad, ignoring that traditional banks are the real heavyweights in the money-laundering ring.

So, what’s all this fuss about? Warren’s bill wants to slap some serious KYC (know your customer) rules on the crypto world. But critics are saying it’s like putting handcuffs on innovation. They’re arguing that this bill could unfairly target crypto, missing the bigger picture of how money gets shuffled around in the shadows.