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Ex-Government Official Says DAAMLA Could Hurt U.S. Cryptocurrency Industry

The Blockchain Association and 80 former national security and military professionals wrote another letter to congressional leaders, this time calling for lawmakers to reject a bill aimed at bringing cryptocurrency companies into anti-money laundering policies. In a letter to four members of the House of Representatives and two senators, signatories said that the Digital Asset Anti-Money Laundering Act (DAAMLA) "jeopardizes our country's strategic advantage, threatens tens of thousands of American jobs, and has little impact on the illegal actors it targets." The signatories added that the bill, if passed, could push digital asset companies overseas, potentially increasing the liquidity of unregulated offshore exchanges. Tuesday's letter is the latest in a series of communications between the Blockchain Association, members of Congress, and former government officials.

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