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.
Stay in the know on crypto by frequently visiting Crypto News Today
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.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
