Senator Elizabeth Warren's latest bill, the Digital Asset Anti-Money Laundering Act, is a coordinated attack against self-sovereign bitcoin use.
First, it stifles innovation by extending Bank Secrecy Act burdens onto non-custodial software applications like open-source wallet developers, miners, and any individual running a full node, turning developers and validators into unwilling surveillance agents.
Second, it threatens personal sovereignty. This Bill would make it more difficult for individuals to be able to send Bitcoin from non-custodial wallets to exchanges if they need to sell their Bitcoin. The exchange would need to file a FinCEN report and collect the person’s full KYC, including the source of funds and Social Security Number, ultimately compromising financial privacy. The right to self-custody is crucial; without it, we don't truly own our digital assets.
Third, While Warren's brutal track record on passing legislation is 0-305, we can't ignore the threat this bill poses to the crypto community. It’s supported by executives from the nation’s largest banks. It's a coordinated attack, not just on Bitcoin, but on financial privacy and autonomy. It's time to push back against this overreach and fight for our constitutional right to self-custody Bitcoin.