Warren's Crypto Bill Gains Support but Faces Strong Opposition

The Digital Asset Anti-Money Laundering Act, aimed at regulating the crypto industry, has gained additional support in the Senate, but critics warn it could threaten financial freedom and privacy.

• Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act, aimed at cracking down on illicit uses of cryptocurrencies, has gained the support of five more senators, including three members of the Senate Banking Committee.
• The proposed legislation seeks to extend the Bank Secrecy Act's responsibilities to various participants in the digital asset space, including wallet providers and miners.
• Critics warn that the bill could threaten financial freedom and privacy, and argue that lawmakers should focus on bad actors utilizing the technology rather than digital assets and their underlying infrastructure.
• Despite the growing support, it's worth noting that only 11 of Senator Warren's 330 bills have ever been enacted into law.
• Industry leaders have come out forcefully against the bill, arguing that it would effectively outlaw crypto in America.

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