According to CoinDesk: In a significant development, U.S. Senator Elizabeth Warren has garnered increasing support for her Digital Asset Anti-Money Laundering Act, aimed at combating illicit financial activities in the cryptocurrency sector. Notable new sponsors include top Democratic lawmakers Sen. Dick Durbin, chair of the Judiciary Committee, and Sen. Gary Peters, head of the Homeland Security panel. Despite a divided Congress and an upcoming contentious election year, the bill's bipartisan backing lends it credibility, even though it still has to be approved by the Senate Banking Committee.
The proposed legislation has faced strong opposition from crypto lobbyists, notably the Chamber of Digital Commerce, who argue it would stifle digital asset innovation in the United States. Originally introduced in July, the bill seeks to expand anti-money-laundering regulations from the Bank Secrecy Act to cover various players in the crypto ecosystem, including wallet providers and miners. Interestingly, Wall Street has shown support for the bill, contradicting its often adversarial stance toward Sen. Warren. While the bill's immediate future is uncertain, some of its principles have been incorporated into an amendment to the 2024 National Defense Authorization Act (NDAA).