A petition entitled “Stop The Crypto Ban” has gained increasing attention, aiming to prevent a proposed cryptocurrency ban in the United States. The Chamber of Digital Commerce launched the petition on Change.org on December 16, and it has since amassed nearly 10,000 signatures.
The Chamber of Digital Commerce has outlined concerns regarding the Digital Asset Anti Money Laundering Act, proposed by Sen. Elizabeth Warren and endorsed by 19 U.S. senators. The Chamber believes this act could hinder innovation, adversely affect job prospects, and undermine the potential of the U.S. economy in the cryptocurrency sector.
That is why the Chamber urges citizens to sign the petition to stop the proposed crypto ban. By endorsing the pledge, individuals commit to not supporting any cosponsor of the Digital Asset Anti-Money Laundering Act in any future election campaign.
Sen. Warren introduced the Digital Asset Anti-Money Laundering Act last December, which experts have deemed “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.” The petition associated with the bill states the limitations of the act can obstruct financial inclusion and choice by hindering consumer access to a diverse range of financial tools and services provided by the digital asset ecosystem.
Furthermore, the petition addresses several senators, including Elizabeth Warren (D-MA), Roger Marshall (R-KS), Lindsey Graham (R-SC), Joe Manchin (D-WV), Dick Durbin (D-IL), Robert Casey (D-PA), Jeanne Shaheen (D-NH), Michael Bennet (D-CO), Gary Peters (D-MI), Richard Blumenthal (D-CT), Angus King (I-ME), Tina Smith (D-MN), Catherine Cortez-Masto (D-NV), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Ben Ray Lujan (D-NM), Laphonza Butler (D-CA), John Hickenlooper (D-CO), Raphael Warnock (D-GA), and Chris Van Hollen (D-MD). By signing the pledge, individuals commit to not supporting any of them in any future election campaign, unless they oppose the Digital Asset Anti-Money Laundering Act in its current form.
Sen. Warren has made it clear that her bill is necessary to combat illicit activities, however, critics propose a more balanced approach targeting specific criminal elements. They argue that the existing anti-money laundering system, adhered to by major crypto exchanges, effectively intercepts illicit crypto usage, with only isolated incidents reported.
Therefore, the Digital Asset Anti-Money Laundering Act is viewed as deeply flawed legislation, posing a genuine threat to the crypto community and possibly playing into the hands of those opposing technological progress. The petition emphasizes the need for these senators to consider the potential long-term implications of the bill on innovation, economic growth, and consumer freedom.
