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Senator reveals the American Bankers Assoc. ‘helped craft’ new anti-crypto bill

The lobbying organization for the U.S. banking industry — the American Bankers Association — was asked to help with the anti-crypto legislation, according to recent comments from the senator.



Source: Cointelegraph

Big banks have been helping United States Senators Roger Marshall and Elizabeth Warren draft their controversial anti-crypto bill. 

In a Dec. 20 video that surfaced on X (formerly Twitter), Marshall admitted that he and Warren approached the largest lobbying organization for the U.S. banking industry — the American Bankers Association (ABA) — for assistance in crafting the Digital Asset Anti-Money Laundering Act.

The Digital Asset Anti-Money Laundering Act, first introduced in December 2022, aims to bring crypto technology, such as noncustodial wallets, validators and mining pools, under strict banking regulations in the United States.

“The first thing that we did is that we went to the American Bankers Association and said ‘help us craft this.’”

Marshall also mentioned Warren’s meeting with JPMorgan CEO Jamie Dimon, who agreed that “crypto was only a tool for criminals.” The footage was sourced from a parliamentary security intelligence forum earlier in December.

In response to the video, Coinbase CEO Brian Armstrong expressed his disappointment that Warren and Marshall were now lobbying for banks. “Being anti-crypto is a really bad political strategy going into 2024,” he added.

Meanwhile, finance lawyer Scott Johnsson suggested that voters angry at Warren should focus on vulnerable seats that have supported her crusade this past year.

On Dec. 11, the bill gained five new senators as co-sponsors, including three members of the Banking Committee. Moreover, U.S. banking advocacy group, the Bank Policy Institute (BPI), has also backed the anti-crypto legislation introduced by Warren.

Anti-crypto commentators often claim that digital assets are mainly used for nefarious activity despite a wealth of evidence to the contrary. Blockchain analysis platform Chainalysis showed that less than 0.2% of crypto is used for illicit purposes.

Anti-crypto advocates also often fail to acknowledge the level of criminal activity in traditional finance, with JPMorgan being one of the most heavily fined banks. The Wall Street bank has paid almost $40 billion in fines for a wide range of violations since 2000, according to Violation Tracker.

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