Summary
The Blockchain Association and 80 former national security and military professionals have written a letter urging US lawmakers to reject the Digital Asset Anti-Money Laundering Act (DAAMLA). The signatories argue that the bill could push digital asset firms overseas, potentially increasing liquidity in unregulated offshore exchanges, and would have little effect on illicit actors. This letter follows previous correspondence between the Blockchain Association and members of Congress and former government workers, addressing misconceptions about digital assets and illicit finance. The signatories defended their motivations and integrity in response to criticism from Senator Elizabeth Warren.
Key Points
1. The Blockchain Association and 80 former national security and military professionals have written a letter to Congressional leaders opposing the Digital Asset Anti-Money Laundering Act (DAAMLA), stating that it could harm the nation’s strategic advantage, threaten US jobs, and have little impact on illicit actors.
2. If passed, the bill could potentially drive digital asset firms to move overseas, leading to increased liquidity in unregulated offshore exchanges.
3. This letter is part of an ongoing series of correspondence between the Blockchain Association, members of Congress, and former government workers, addressing misconceptions about the role of digital assets and illicit finance.