Growing Support for Petition to Halt Proposed Cryptocurrency Ban in the US
A petition aimed at preventing the proposed ban on cryptocurrencies in the United States is gaining significant traction. The Chamber of Digital Commerce has emphasized that the Digital Asset Anti Money Laundering Act, first introduced by Senator Elizabeth Warren and currently backed by 19 senators, would essentially amount to a crypto ban. The chamber has argued that such a ban would impede innovation, adversely affect job opportunities, and undermine the US economy in a sector that holds immense potential.
The “Stop The Crypto Ban” petition was launched on Change.org by the Chamber of Digital Commerce and has already attracted nearly 10,000 signatures. The leading blockchain and digital asset trade association has urged concerned US citizens to support this movement and refrain from backing any co-sponsor of the Digital Asset Anti-Money Laundering Act in future elections. The chamber has further asserted that the proposed legislation would stifle innovation and branded it as a cryptocurrency ban.
Senator Warren introduced the Digital Asset Anti-Money Laundering Act in December 2020. Many experts have criticized the bill, stating that it represents one of the most direct assaults on the personal freedom and privacy of cryptocurrency users and developers to date. However, support for the bill has grown significantly since its introduction.
While acknowledging the importance of regulation in ensuring the security and integrity of the digital asset space, the Chamber of Digital Commerce has expressed concerns about the current form of the legislation. They argue that it amounts to a ban on digital innovation and have raised issues pertaining to its potential economic impact, restrictions on innovation, as well as security and privacy concerns. Additionally, the petition highlights that the bill’s limitations could hinder access to diverse financial tools and services provided by the digital asset ecosystem, obstructing financial inclusion and choice for consumers.
The petition specifically names the 19 senators currently supporting the bill. The Chamber of Digital Commerce has made it clear that they will not support any of these senators in future elections unless they oppose the Digital Asset Anti Money Laundering Act in its current form. The chamber is urging these senators to consider the long-term repercussions of the bill on innovation, economic growth, and consumer freedom. They maintain that a future where digital assets are integrated into the US economic framework, fostering innovation, protecting consumers, and enhancing the economy, is within reach, and call upon senators to play a vital role in shaping this future rather than stifling it.
What are your thoughts on this petition to halt the proposed crypto ban? Let us know in the comments section below.