Marshall Becomes First Senator to Withdraw Support from Controversial Crypto Bill
Republican senator Roger Marshall has become the first senator to withdraw his support from a controversial crypto bill that he initially co-sponsored. Marshall’s decision to pull his support for the Digital Asset Anti-Money Laundering Act of 2023 was recorded on Tuesday. The bill, introduced in July 2023 by Senator Elizabeth Warren, attracted significant bipartisan support with 18 other co-sponsors from both parties. However, Marshall’s withdrawal raises questions as to why he changed his position. The legislation aims to enhance compliance with anti-money laundering and counter-terrorism financing frameworks in the crypto industry. It classifies digital asset providers as financial institutions subject to Bank Secrecy Act compliance and seeks to establish compliance measures for financial institutions to mitigate risks associated with anonymity-enhancing technologies. Critics argue that the bill imposes burdensome compliance requirements, stifles innovation, and could drive activities offshore. They also raise concerns about privacy and potential unintended consequences. Marshall’s office has yet to provide a comment on his withdrawal from the bill.