US Senator Withdraws Support for Crypto Anti-Money Laundering Bill

IconCryptoNewsTerminal Staff26 Jul, 2024

cryptonews.jpg

US Senator Withdraws Support for Crypto Anti-Money Laundering Bill

US Senator Roger Marshall has withdrawn his support for a crypto anti-money laundering (AML) bill that he introduced with Senator Elizabeth Warren. The bill, which was first introduced in the Senate in December 2022, would require individual miners and validators to comply with KYC (know-your-customer) regulations. However, the crypto industry has voiced strong opposition to the bill, arguing that it would stifle innovation in the industry and harm individual privacy. The specific reason for Marshall's withdrawal of support is not known, but Cody Carbone, VP of Policy at the Digital Chamber of Commerce, suggested that it could be due to the strong opposition from the crypto industry. Carbone said that the bill "would have been a major setback for the crypto industry and would have stifled innovation." He also said that the bill was "unworkable" and would have been "impossible to enforce." The withdrawal of support from a key Republican senator is a significant blow to the bill's chances of passing. It is unclear if the bill will be reintroduced in the future.

Related News