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Petition to Stop Proposed Crypto Ban in US Gains Traction

Petition to Stop Proposed Crypto Ban in US Gains Traction

A petition to stop a proposed crypto ban in the U.S. has gained traction. The Chamber of Digital Commerce explained that the Digital Asset Anti Money Laundering Act, introduced by Senator Elizabeth Warren and currently supported by 19 U.S. senators, is “a crypto ban” that “threatens to stifle innovation, harm job prospects, and undermine the U.S. economy in a sector that is burgeoning with potential.”

Petition to Stop Proposed Crypto Ban in US

The “Stop The Crypto Ban” petition, initiated on Change.org by the Chamber of Digital Commerce on Dec. 16, has garnered nearly 10,000 signatures at the time of writing.

“As concerned citizens of the United States, we need you to sign this petition to stop a proposed ban on cryptocurrency,” the leading U.S. blockchain and digital asset trade association wrote. “By signing this pledge, you agree to not support any cosponsor of the Digital Asset Anti-Money Laundering Act in any future election campaign.” The chamber added:

The Digital Asset Anti Money Laundering Act, currently supported by 19 U.S. senators, threatens to stifle innovation, harm job prospects, and undermine the U.S. economy in a sector that is burgeoning with potential. It is a crypto ban.

Senator Warren introduced the Digital Asset Anti-Money Laundering Act in December last year. Experts call the bill “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.” The bill’s supporters have massively grown since its launch.

While acknowledging the importance of regulation for ensuring the safety and integrity of the digital asset space, the chamber expressed concerns about the current form of the legislation, emphasizing that it “is a ban on digital innovation.” The chamber went on to outline its concerns, which encompass potential economic impact, restrictions on innovation, as well as security and privacy issues. Moreover, the petition notes that the bill’s limitations could impede consumer access to a diverse array of financial tools and services provided by the digital asset ecosystem, thereby obstructing financial inclusion and choice.

The senators named in the petition are Elizabeth Warren (D-MA), Roger Marshall (R-KS), Lindsey Graham (R-SC), Joe Manchin (D-WV), Dick Durbin (D-IL), Robert Casey (D-PA), Jeanne Shaheen (D-NH), Michael Bennet (D-CO), Gary Peters (D-MI), Richard Blumenthal (D-CT), Angus King (I-ME), Tina Smith (D-MN), Catherine Cortez-Masto (D-NV), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Ben Ray Lujan (D-NM), Laphonza Butler (D-CA), John Hickenlooper (D-CO), Raphael Warnock (D-GA), and Chris Van Hollen (D-MD).

“Considering these concerns, we, the undersigned, pledge not to support any senator in any future election unless they oppose the Digital Asset Anti Money Laundering Act in its current form. We urge these members to consider the long-term implications of this bill on innovation, economic growth, and consumer freedom,” the chamber stressed, elaborating:

We believe in a future where digital assets are integrated into our economic framework in a way that fosters innovation, protects consumers, and enhances the U.S. economy. We call on our senator to play a pivotal role in shaping this future, not stifling it.

What do you think about this petition to stop the proposed crypto ban? Let us know in the comments section below.

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