Digital Asset Anti-Money Laundering Act: An anti-crypto project in disguise?

Senators Elizabeth Warren and Roger Marshall pass a law called Digital Asset Anti-Money Laundering Act in Congress. It is supposed to help fight money laundering. But John Rizzo thinks she’s the legislative equivalent of a Trojan horse since it actually aims to ban cryptocurrencies.

Coindesk announcing on Twitter that the Anti-Money Laundering Act introduced by two senators could ban crypto.

What is the Digital Asset Anti-Money Laundering Act?

On Capitol Hill, Sen. Elizabeth Warren (D-MA) and Sen. Roger Marshall (R-KS) are proposing new legislation. The Digital Asset Anti-Money Laundering Act aims to close loopholes exploited by criminals to launder money through cryptocurrencies. This money laundering consists of pass off ill-gotten gains as legitimate gains using cryptocurrencies. From what we learn from Yahoo Finance, most money laundering is done in fiat currencies rather than cryptocurrencies. In addition, law enforcement proved able to identify and punish perpetrators of money laundering.

From there, the debates raise questions about the true intentions of Senator Warren. The latter wants to make believe that the police are powerless because of obsolete laws.

A law to ban cryptocurrencies?

John Rizzo is Senior Vice President of Public Affairs at Clyde Group. He provides strategic advice and leads communications initiatives for the group. He was previously senior spokesperson at the United States Department of the Treasury. Additionally, he managed digital assets, fintech, domestic finance and economic policy. For him, the so-called anti-terrorism law money laundering digital assets is actually a strategy to ban crypto. According to him, the Digital Asset Anti-Money Laundering Act will allow software developers and transaction validators to be classified as financial institutions. This would thus render crypto useless.

Elizabeth Warren has declared herself the leader of an “anti-crypto army”. Once again in the United States, an authority of weight tries to twist the blow to cryptocurrencies with Digital Asset Anti-Money. Could this attempt work?

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