Sen. Marshall Highlights Banking Sector's Assistance In Drafting Crypto Regulation Bill: 'That's About All I Know About Crypto'

In a development that has raised eyebrows in the cryptocurrency community, a new video shows Sen. Roger Marshall (R-KS) discussing the process of drafting Sen. Elizabeth Warren’s (D-MA) Digital Asset Anti-Money Laundering Act. 

While speaking at the Parliamentary Intelligence-Security Forum, which took place on Dec. 7-Dec.8, Marshall said that the first step in crafting the bill involved seeking assistance from the American Bank Association.

"Senator Warren and I have authored the Digital Asset Anti Anti-Money Laundering Act that represents a step in the right direction. Again, I think that this is a light touch. The first thing we did is we went to the American Bank Association and said, 'Help us craft this,'" Marshall said.

"And I don't know if you saw Senator Warren's hearing with [JPMorgan CEO] Jamie Dimon yesterday, but Mr. Diamond said basically, in his opinion, crypto was only a tool for criminals. And I think, again, it's that light touch by the federal government as opposed to a heavy touch as well. That's about all I know about crypto."

This revelation has sparked concerns about the influence of traditional banking institutions on legislation that could significantly impact the burgeoning cryptocurrency sector.

Also Read: Stablecoins To Challenge Central Banks: Bank of Korea Governor Sounds Alarm On USDT, USDC

In a related development, Senator Warren sent a letter to crypto advocacy groups, including the Blockchain Association, expressing concerns about the industry's use of former government officials and lawmakers.

The letter highlighted a report suggesting that the crypto industry is leveraging a network of former defense, national security, and law enforcement officials to oppose bipartisan efforts in Congress and the Biden Administration.

Warren's letter pointed to the recent attack in Israel by Hamas terrorists and the alleged role of cryptocurrency in their operations.

She cited the guilty plea of Binance BNB/USD CEO Changpeng Zhao, on charges related to failing to prevent and report suspicious transactions with terrorist groups and other criminals.

Warren's letter to the Blockchain Association requested detailed information about the involvement of former government officials in the crypto industry. This includes their roles, compensation, and activities related to legislation or regulatory actions in Congress or the administration.

Read Next: Coinbase CEO Warns Being Anti-Crypto Will Be A Bad Political Strategy In 2024

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