Elizabeth Warren's Crypto AML Bill Stirring Controversy, Unlikely to Pass

By: Isha Das

Support is growing in Congress for the Digital Asset Anti-Money Laundering (AML) Act proposed by Senator Elizabeth Warren, but it's been noted that most bills sponsored by the senator don't tend to become law. Elizabeth Warren's crypto AML bill is particularly causing uproar in the crypto industry, with some critics noting its potential unconstitutionality, but it seems the likelihood of it being passed is low.

Data from the bill-tracking platform GovTrack reveal that Warren has introduced 330 bills during her 11 years as a senator, with only 10 of these being folded into other bills and one lone obscure bill being enacted. This was the National POW/MIA Flag Act which mandates the POW/MIA flag to be displayed alongside the American flag on certain Federal properties. Despite this, a collection of Democratic lawmakers are championing the Digital Asset Anti-Money Laundering Act's sponsorship.

The crypto community at large believes that the Digital Asset Anti-Money Laundering Act could negatively impact the state of crypto in the U.S, even if it doesn't get through Congress. Whether all this noise will follow through to legislative action remains to be seen.