December 26, 2023

Momentum Builds for Petition Opposing Crypto Ban in the United States

An opposition petition to thwart the crypto ban in the United States is rapidly gaining ground as digital advocates rally support and reach out to senators.

In a recent turn of events, a petition challenging the proposed Digital Asset Anti-Money Laundering Act in the United States is gaining substantial momentum. Launched on Change.org by the Chamber of Digital Commerce, a prominent U.S. blockchain and digital asset trade association, the "Stop The Crypto Ban" petition aims to counter the potential repercussions of legislation introduced by Senator Elizabeth Warren.

The Digital Asset Anti-Money Laundering Act has attracted backing from 19 U.S. senators, raising concerns within the Chamber of Digital Commerce. They argue that, despite its anti-money laundering intentions, the act is effectively a crypto ban with the potential to stifle innovation, impede job prospects, and undermine the flourishing cryptocurrency sector. As of the latest update, the petition has amassed nearly 10,000 signatures from concerned citizens. Those signing pledge not to support any senator in future elections who endorses the Digital Asset Anti-Money Laundering Act in its current form.

This strategic move by the Chamber of Digital Commerce aims to influence the senators listed in the petition, including Elizabeth Warren, Roger Marshall, Lindsey Graham, Joe Manchin, and others. While acknowledging the importance of regulating the digital asset space for safety and integrity, the Chamber of Digital Commerce expresses reservations about the current form of the legislation, asserting that it goes beyond necessary regulation and amounts to a ban on digital innovation.

The organization outlines various concerns, including potential economic impacts, constraints on innovation, and issues related to security and privacy. Experts have labeled the Digital Asset Anti-Money Laundering Act as a direct assault on the personal freedom and privacy of cryptocurrency users and developers. The bill has garnered substantial support since its introduction by Senator Warren in December of the previous year. The petition underscores the potential implications of the legislation on innovation, economic growth, and consumer freedom.

While recognizing the need for regulation, the Chamber of Digital Commerce emphasizes that the current bill's limitations could impede consumer access to a diverse array of financial tools and services provided by the digital asset ecosystem. This, they argue, may obstruct financial inclusion and choice for consumers. The senators targeted in the petition are urged to reconsider their support for the legislation and take into account the long-term implications on innovation, economic growth, and consumer freedom.

The signatories call on these senators to play a pivotal role in shaping a future where digital assets are integrated into the economic framework in a way that fosters innovation, protects consumers, and enhances the United States economy. The "Stop The Crypto Ban" petition reflects a growing concern within the cryptocurrency community regarding the potential consequences of the Digital Asset Anti-Money Laundering Act. As the petition gains momentum, it remains to be seen how the senators involved will respond to the collective voice of citizens urging them to reconsider their stance on the proposed legislation.

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