Senator Roger Marshall has withdrawn his support from Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act (DAAMLA), marking a significant setback for the anti-crypto bill. This development casts doubt on the future of the legislation, which has been a focal point of Warren's efforts to regulate the cryptocurrency industry.
Senator Marshall Withdraws Support for DAAMLA
Senator Roger Marshall, a Republican from Kansas, co-authored the Digital Asset Anti-Money Laundering Act with Democratic Senator Elizabeth Warren in 2022. On July 24, 2024, he withdrew his support, dealing a blow to the controversial anti-crypto legislation.
Reintroduced to the Senate in July 2023, the DAAMLA aims to bring the cryptocurrency industry under existing Anti-Money Laundering and counter-terrorism financing frameworks. The bill proposes classifying a wide range of crypto service providers, including decentralized wallet providers, validators, and miners, as financial institutions subject to the Bank Secrecy Act.
Senator Warren has argued that the bill is essential to combat the use of cryptocurrencies by “rogue nations, oligarchs, drug lords, and human traffickers” for money laundering. However, the proposed legislation has faced strong opposition from crypto advocates and industry experts.
The Chamber of Digital Commerce has warned that the bill could “erase hundreds of billions of dollars in value for US startups” and negatively impact American crypto investors. Additionally, 80 former military and national security officials have cautioned lawmakers against supporting the bill.
With Senator Marshall’s withdrawal, the number of senators backing the bill has dropped to 18. This development comes as Senator Warren gears up for her 2024 reelection campaign in Massachusetts, where she faces a challenge from pro-crypto lawyer John Deaton.
Winklevoss Twins’ Support for Deaton’s Campaign
In a related development, Cameron and Tyler Winklevoss have made a significant contribution to John Deaton’s campaign to unseat Senator Warren. The twins donated 16 Bitcoin, worth approximately $1 million, to support Deaton’s bid.
This generous contribution underscores the Winklevoss twins' commitment to backing a crypto-friendly candidate who they believe will advance the interests of the cryptocurrency industry. John Deaton, known for his advocacy of cryptocurrencies and his legal representation of the crypto industry, has received endorsements from several prominent figures and organizations in the crypto space.
Deaton has been vocal in his opposition to what he perceives as unjust actions by Senator Warren and her supporters against the crypto industry. The substantial donation from the Winklevoss twins not only boosts Deaton’s campaign financially but also sends a strong message about the crypto community’s willingness to engage in political processes to protect their interests.
The withdrawal of Senator Marshall's support and the Winklevoss twins' backing of Deaton highlight the ongoing debate surrounding cryptocurrency regulation in the United States and the political maneuvering that continues to shape the future of digital assets.
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