Nine U.S. lawmakers have expressed their support for the Digital Asset Anti-Money Laundering Act, which was reintroduced in Congress by Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham. This bill aims to strengthen compliance with anti-money laundering and counter-financing of terrorism frameworks within the cryptocurrency industry. However, experts have criticized the legislation, claiming that it infringes on the privacy and personal freedom of cryptocurrency users, making it the most direct attack on their rights.
In addition to the original sponsors, nine other lawmakers have now publicly backed the bill. The proposed legislation would bring cryptocurrency companies in line with the same rules as banks, closing loopholes that criminals exploit and equipping financial institutions with the tools to combat illicit activities. The bill has gained the endorsement of several organizations, including the Bank Policy Institute and Transparency International U.S. However, critics argue that expanding the current frameworks in this manner may compromise the privacy and personal freedom of cryptocurrency users.
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