Elizabeth Warren loses U.S. Senator’s support in push for anti-crypto bill

According to an update on the official U.S. federal legislative information, Sen. Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA). According to a December 14, 2022, press release from the official U.S. Senate website, Elizabeth Warren and Marshall introduced and co-sponsored the bill to bring the Bank Secrecy Act (BSA) to crypto.    

Warren and Marshall asserted that the crypto industry needed to adhere to the common-sense rules followed by regulated banks. Particularly, the two Senators alluded that ‘bad actors’ like human traffickers, rogue nations, drug lords, and oligarchs used digital assets to launder money, finance crime, and evade sanctions. 

Sen. Elizabeth Warren should prepare to face pro-crypto American voters 

According to a self-proclaimed independent researcher and truth seeker, SMQKE, the crypto industry is expected to influence the 2024 U.S. elections. Republican Senate candidate Joshua Leavitt claimed that the upcoming elections would be heavily based on politicians’ knowledge and understanding of Web3. He asked voters to support candidates who pushed crypto innovation forward as more U.S. citizens embraced crypto.  

While Elizabeth Warren’s bill advocated for the application of bank-like centralized administration or management to crypto, crypto YouTuber Ali Abdaal explained that crypto’s decentralized nature was its core feature. According to Abdaal, cryptocurrencies were developed to solve trust and centralization problems where a single entity had total control. 

According to Deaton, regulatory clarity within the digital asset industry meant smart, tailored regulations that fostered innovation while protecting consumers and investors. The Blockchain Association contested that the DAAMLA bill would hinder future innovation in digital assets and augment the U.S. government’s surveillance power on citizens.

Crypto-friendly candidates are more likely to win in upcoming elections

According to the Blockchain Association, crypto values were American values. In a letter sent to Sen. Warren, the Blockchain Association affirmed that blockchain technology had demonstrated the potential to enhance financial inclusion and the fundamental values integral to U.S. citizens. The openly circulated letter revealed over 80 signatories who were former national security professionals and military officials. 

Co-founder of Gemini Tyler Winklevoss disclosed that he had donated $500K in Bitcoin to the Deaton campaign to help unseat Sen. Warren. He pointed out that Sen. Warren’s position on crypto regulations was the greatest threat to American prosperity. Winklevoss called Sen. Warren “public enemy number one” regarding crypto matters.

Winklevoss continued to say , “John Deaton is a pro-Bitcoin, pro-crypto, and pro-business candidate; Elizabeth Warren is not.” According to him, crypto could level the financial playing field while promoting freedom, fairness, and inclusion for all.

He further clarified that his support for Deaton was based on the fact that Deaton defended the crypto industry that Sen. Warren had spent years working hard to destroy. Winklevoss declared that all anti-crypto politicians would pay the ultimate price in the November elections.