US Senator Roger Marshall withdraws support for controversial encryption bill

Odaily News Republican U.S. Senator Roger Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) on July 24. The bill was co-introduced by Marshall and Democratic Senator Elizabeth Warren in December 2022 to bring the crypto industry into the existing anti-money laundering and counter-terrorist financing framework. The bill defines decentralized wallet providers, validators, miners, etc. as financial institutions, requiring them to comply with the Bank Secrecy Act. Several crypto organizations criticized the bill for exaggerating the role of crypto in terrorist financing and warned that it could weaken the U.S. crypto industry. There are still 18 senators supporting the bill. Senator Warren is running for re-election in 2024, and pro-crypto lawyer John Deaton has announced that he will run as a Republican candidate to try to replace Warren's seat.