U.S. Senator Roger Marshall revealed that the American Bankers Association assisted him and Senator Elizabeth Warren in formulating the contentious Digital Asset Anti-Money Laundering Act that has drawn steep criticism from the cryptocurrency community.
The Senator made this admission during a Dec. 7 speech delivered at the Parliamentary Intelligence-Security Forum, saying:
“When Senator Warren presented that legislation to us, the first thing we did is we went to the American Bank Association and said help us craft this [because] we want crypto to be held up at the same standard as you are and I think that by doing that it gave us a lot of buy in and a lot of support.”
This disclosure has sparked significant criticism from various crypto stakeholders against the lawmakers.
Coinbase CEO Brian Armstrong expressed disappointment with lawmakers advocating for banks, highlighting the dissatisfaction among numerous Americans with the existing financial system. He emphasized that being
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