As the price of Bitcoin hits a new all-time high (ATH) of $68,818 in the early hours of today, Senator Roger Marshall has withdrawn his former support for the infamous Digital Asset Anti-Money Laundering Act (DAAMLA). The DAAMLA has been considered an anti-cryptocurrency bill and has raised a lot of controversies.
Senator Marshall has been a big supporter of the bill since it was officially proposed in 2022 by Senator Elizabeth Warren, a Democrat. Analysis from the Congress directory shows that Marshall’s withdrawal as the co-sponsor of the bill will reduce the total number of senators supporting it to eighteen.
Senators Warren and Marshall collectively introduced the DAAMLA bill in December 2022. While defending it, he claimed that bad elements like drug lords, human traffickers, and rogue countries have resorted to using cryptocurrency, which has grossly increased laundering activities; hence, billions have been laundered.
The controversial bill aims to introduce a strict monitoring process into the cryptocurrency industry and compels it to comply with the “Anti-Money Laundering and Counter-Terrorist Financing” guidelines, which already exist.
Cryptocurrency Companies and Others Move Against DAAMLA Bill
This classification has mandated that affected businesses be subjected to the country’s Bank Secrecy Act. Warren, in her most recent push for the DAAMLA bill, reintroduced it in July 2023. The bill is said to target the illegal use of cryptocurrency assets, which have been used for terrorist funding and money laundering.
On different occasions, many cryptocurrency companies and stakeholders have questioned the legislation, arguing that it has largely exaggerated the role of cryptocurrency in money laundering and other illegal activities. Warren, while supporting the bill, also stated that such a move could hamper the progress of the United States cryptocurrency industry.
On February 20, the Chamber of Digital Commerce, a United States-based pro-cryptocurrency group, encouraged the Senate Banking Committee to ignore the controversial DAAMLA bill, arguing that it can cause tens of hundreds of cryptocurrency companies to lose billions of dollars – which, by extension, negatively affects thousands of Americans who have invested in the industry.
Critics Say Warren’s Sudden Change of Mind Is Political, Hypocritical
A group of eighty retired United States military personnel and other security forces, on February 13, wrote to the lawmakers, warning them against the approval of the DAAMLA bill. In the letter, the group warned that such a bill would obstruct law enforcement and raise new security concerns.
They said it also has the propensity to cause the majority of cryptocurrency companies to move overseas, as was seen in recent times in the case of the Security and Exchange Commission (SEC) harassment of major digital assets companies.
Critics have termed Warren’s decisions hypocritical, linking her decision to her ambition to be re-elected as the senator for the state of Massachusetts. Critics also believe Warren’s move was motivated by John Deaton’s declaration to run for the same post under the Republican platform.
Before his official announcement on February 20, Deaton, a prominent pro-cryptocurrency lawyer, had been strategic in unseating Warren. In another development, Donald Trump is preparing to present his keynote address at the much-talked-about Bitcoin Conference 2024 in Nashville, Tennessee.
Bitcoin Conference Pushes Bitcoin Price; Experts Predict a 5.52% Profit
The event has already started building up excitement in the cryptocurrency industry, as it will be the first time a United States presidential candidate will address participants at the Bitcoin Conference. More participation is also expected in this year’s conference, as investors are eager to hear what he has to say.
Trump’s campaign team reports they have raised more than $6 million from donors and cryptocurrency-related Political Action Committees (PACs). Trump is also expected to use the platform to criticize the proposed Democrat candidate and Vice President Kamala Harris, who is posing as his strongest opponent at the moment.
The event news has pushed the price of Bitcoin closer to $68,818, which industry analysts at QCP Capital have termed the “Trump Effect.” Market watchers forecast a likely 5.52% profit after the conference, as it continues to attempt the $71,997 price mark.