Former U.S. Military and National Security Professionals Warn Against Enacting Proposed Legislation that Threatens Digital Asset Development

Washington, D.C. (Feb. 13, 2024) – Today, a coalition of former military and national security professionals voiced their collective concerns over proposed legislation that could severely hinder digital asset development within the United States.

Comprising 80 distinguished signatories – including former government officials, financial crimes experts, intelligence officers, and military service members – this coalition underscores the necessity of preserving the dynamic landscape of digital assets and warns against the unintended consequences of implementing overly-restrictive measures. The proposed legislation, if enacted, would effectively impose a de facto ban on digital asset development, stifling innovation and hampering the nation’s competitive edge in this rapidly evolving sector.

Of particular concern are bills such as the Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act and the Digital Asset and Anti-Money Laundering Act (DAAMLA), which threaten to impede progress and stifle innovation within the digital asset space. The coalition warns against the detrimental impact of such legislation and urges lawmakers to consider the broader implications for national security and economic competitiveness.

The following statement is attributed to Blockchain Association CEO Kristin Smith:

“We are witnessing a pivotal moment where the future of digital asset development hangs in the balance. It is imperative that policymakers consider the collective expertise of the signatories and recognize the invaluable role digital assets play in driving economic growth, fostering technological advancement, and protecting our nation’s security.”

In pursuit of its advocacy goals, the coalition plans to visit Capitol Hill offices on Thursday, March 14, offering its expertise and insights to lawmakers and staff receptive to constructive dialogue. By engaging with stakeholders and promoting informed policymaking, the coalition aims to ensure that the United States remains at the forefront of digital asset innovation.

The full letter can be found here.