The crypto industry is ramping up attacks on anti-crime legislation from Senator Elizabeth Warren, arguing that its passage would effectively kill the sector in the U.S.

“This bill, if passed, will erase hundreds of billions of dollars in value for U.S. startups and decimate the savings of countless Americans invested in this asset class legally,” Perianne Boring, the founder and chief executive officer of the Chamber of Digital Commerce trade group, said in a letter Tuesday to Senate Banking Committee Chair Sherrod Brown. 

The group, whose members include major crypto companies, said that it is concerned that Brown may soon move to advance the bill. Another trade organization, the Blockchain Association, previously sent letters signed by dozens of former military and national security professionals to key members of Congress raising concerns about the legislation, which is co-sponsored by Republican Roger Marshall. 

Warren, a Democrat from Massachusetts, pushed back against the Blockchain Association’s first letter, saying the group was relying on a “small army” of former defense and enforcement officials to undermine a bipartisan effort to crack down on the illicit use of crypto, including to fund terrorist organizations. 

Congress has been mulling a number of crypto bills, including legislation to establish guardrails for stablecoin issuers and regulate the market more broadly. But most of the efforts have faced challenges getting broad bipartisan support amid industry pushback and increased skepticism from Democrats. It’ll only be more challenging as the upcoming presidential election draws nearer.

On Tuesday, the Chamber of Digital Commerce homed its criticism on a provision of Warren’s bill that would require crypto miners and others that help validate transactions to verify the identity of their customers. The group said the entire bill was “unworkable.” 

Meanwhile, Warren and backers of the measure have said it’s necessary to bring more transparency to the sector by applying the same rules to crypto companies that apply to traditional financial firms. 

“The Treasury Department has urged Congress to pass stronger law enforcement tools to crack down on crypto money laundering, which is exactly what this bipartisan bill delivers,” Warren’s office said in a statement. “Senator Warren is working with lawmakers in both parties to pass these common-sense reforms into law.”

In a separate statement, Brown’s office said that the Ohio Democrat “has made clear that cracking down on illicit finance is a priority for this Congress” and was continuing to work with members of the committee on related proposals. 

This article was provided by Bloomberg News.