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US Defense Bill’s 2023 Version Removed Crypto Provisions

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The second clause dealt with transactions involving bitcoin that were anonymous, especially those that involved tumblers and mixers.

The National Defense Authorization Act (NDAA) was recently significantly altered by the US government, which removed two clauses meant to address anti-money laundering (AML) issues in the bitcoin industry.

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One important piece of law that controls how the nation’s defense department can use public funds is the Nuclear Weapons Act (NDAA).

Two particularly addressed the need for a thorough review system and reporting methods to counteract criminal actions connected to cryptocurrency, among the many provisions that were removed from the NDAA.

The first mandate called for the US Secretary of the Treasury to work with banks and government regulators to create a system of risk-based cryptocurrency analysis and review for financial institutions.

The purpose of this method was to improve supervision and guarantee adherence to AML laws.

The second clause dealt with transactions involving bitcoin that were anonymous, especially those that involved tumblers and mixers.

It required the preparation of a report outlining the volume of cryptocurrency asset transactions connected to entities under sanctions and analyzing the legal strategies used by other countries.

The purpose of this research was to provide guidance for the creation of cryptocurrency laws in the US.

The National Defense Authorization Act (NDAA) was enacted by the US Senate in July, providing $886 billion for defense.

Notably, the Responsible Financial Innovation Act and the Digital Asset Anti-Money Laundering Act, which were introduced in 2022, served as inspiration for changes made to the NDAA.

With these revisions, the cryptocurrency industry aimed to put preventative measures in place for future situations like the FTX disaster.

A group of senators led by Roger Marshall, Elizabeth Warren, Kirsten Gillibrand, and Cynthia Lummis proposed these modifications.

The US government has been actively addressing concerns about cryptocurrency-facilitated money laundering and terrorist funding in recent times.

On November 15, the US House of Representatives’ Financial Services Committee met to talk about illicit activity in the cryptocurrency space.

A comprehensive evaluation of the proactive steps taken by decentralized finance providers and cryptocurrency exchanges to stop money laundering and terrorist funding was done during this meeting.

In conclusion, the removal of two significant clauses from the NDAA by the US government signals a change in the country’s stance on cryptocurrency legislation.

Although the elimination of these rules reflects ongoing deliberations and arguments within the government regarding the right regulatory framework for the cryptocurrency business, these provisions were intended to improve monitoring and combat criminal activities.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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