Senator Elizabeth Warren and Senator Roger Marshall have proposed legislation called the Digital Asset Anti-Money Laundering Act, which aims to heavily regulate cryptocurrencies. The bill is being promoted by the American Bankers Association (ABA), which sees cryptocurrencies as a threat to traditional banking. However, data shows that banks have been responsible for more fraud than cryptocurrencies. For example, Wells Fargo has had multiple glitches leading to customers losing funds, yet they face little accountability compared to scrutiny on crypto exchanges like Coinbase.
This proposed legislation seems to unfairly target cryptocurrencies when data shows cash and banks play a bigger role in money laundering and fraud. The bill is likely being driven by special interests like big banks who fund politicians like Warren. Meanwhile, bipartisan legislation called American Blockchain Innovation Act recently passed the House with unanimous support, showing positive momentum for blockchain technology in the US.
Additional bills like the Financial Innovation Act (FIT) and the Clarity for Digital Tokens Act are likely to see votes in early 2024. These would provide regulatory clarity around stablecoins. Retiring Congressman Patrick McHenry has stated he wants to see these pass before he leaves. So while restrictive policies are being pushed by some, there is still optimism for smart cryptocurrency laws gaining traction in 2024. The crypto industry is also ramping up lobbying efforts to counter attempts to ban cryptocurrencies.
In summary, while concerning legislation is being proposed by politicians backed by big banks, bipartisan support for blockchain technology continues building. The crypto community is fighting back against bans. Progressive regulatory frameworks remain on the table for 2024, though the community must keep pressure on lawmakers to prevent overly restrictive policies.
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