According to TechFlow, U.S. Republican Senator Roger Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) on July 24.

The bill, co-introduced by Marshall and Democratic Senator Elizabeth Warren in December 2022, aims to bring the crypto industry into the existing anti-money laundering and counter-terrorist financing framework.

The bill defines decentralized wallet providers, validators, and miners as financial institutions, requiring them to comply with the Bank Secrecy Act. Several crypto organizations criticized the bill for exaggerating the role of encryption in terrorist financing and warned that it could weaken the U.S. encryption industry.

There are still 18 senators who support the bill. Senator Warren is running for re-election in 2024, and pro-crypto lawyer John Deaton has announced that he will run as the Republican candidate to try to replace Warren's seat.