Senator Marshall Withdraws Support

The controversial Digital Asset Anti-Money Laundering Act (DAAMLA) has hit a significant roadblock. Senator Roger Marshall, a Republican co-author of the crypto bill, has withdrawn his support.

This development took place on July 24, marking a crucial setback for the legislation championed by Democratic Senator Elizabeth Warren.

Senator Roger Marshall, a Republican from Kansas, has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), a crypto bill he co-authored with Democratic Senator Elizabeth Warren in 2022.

The DAAMLA bill, reintroduced to the Senate in July 2023, aims to bring the cryptocurrency industry under existing Anti-Money Laundering and counter-terrorism financing frameworks. It proposes classifying a wide range of crypto service providers, including decentralized wallet providers, validators, and miners, as financial institutions subject to the Bank Secrecy Act.

A Blow to Anti-Crypto Legislation

Senator Warren has argued that the bill is necessary to combat the use of cryptocurrencies by "rogue nations, oligarchs, drug lords, and human traffickers" for money laundering. However, crypto advocates and industry experts have vehemently opposed the proposed legislation.

The Chamber of Digital Commerce has warned that the bill could "erase hundreds of billions of dollars in value for US startups" and negatively impact American crypto investors.

Additionally, 80 former military and national security officials have cautioned lawmakers against supporting the crypto bill.

"The withdrawal of a key co-author raises questions about the bill's future and highlights the ongoing debate surrounding cryptocurrency regulation in the United States."

Warren's Reelection Campaign

With Marshall's withdrawal, the number of senators supporting the bill has dropped to 18. This development comes as Senator Warren prepares for her 2024 reelection campaign in Massachusetts. She now faces a challenge from pro-crypto lawyer John Deaton, who has been vocal in his opposition to her stance on cryptocurrency.

Winklevoss Twins Support Deaton

In a related development, Cameron and Tyler Winklevoss have significantly contributed to John Deaton's campaign to unseat Senator Warren. The twins donated 16 Bitcoin, worth approximately $1 million, to support Deaton's bid.

This generous contribution demonstrates the Winklevoss twins' commitment to backing a crypto-friendly candidate they believe will advance the interests of the cryptocurrency industry.

John Deaton, known for his advocacy of cryptocurrencies and his legal representation of the crypto industry, has received endorsements from several prominent figures and organizations in the crypto space.

Deaton has been vocal in his opposition to what he perceives as Senator Warren's and her supporters' unjust actions against the crypto industry.

This substantial donation from the Winklevoss twins boosts Deaton's campaign financially and sends a strong message about the crypto community's willingness to engage in political processes to protect their interests.