Blockchain Association, a nonprofit organization representing the interests of the U.S. crypto industry, sent a letter to Congress on Tuesday expressing concern over Senator Elizabeth Warren’s proposed bill—named the Digital Asset Anti-Money Laundering Act of 2023.

“[The bill] risks our nation’s strategic advantage, threatens tens of thousands of U.S. jobs, and bears little effect on the illicit actors it targets,” said the letter, co-signed by 80 former military and national security professionals including those with background in digital assets. 

Senator Warren’s proposal aims to expand Know-Your-Customer and anti-money laundering (AML) verification responsibilities to digital asset service providers, miners, validators, and other participants in efforts to close existing …