The United States government has removed two provisions from the National Defense Authorization Act (NDAA) that were aimed at addressing concerns regarding anti-money laundering (AML) in the cryptocurrency industry. The NDAA is a legislation that determines how federal funding can be used by the country’s defense department.
The first provision required the US Secretary of the Treasury to collaborate with banking and government regulators to establish a risk-focused examination and review system for cryptocurrencies in financial institutions. The second provision focused on combating anonymous cryptocurrency transactions, such as those involving crypto mixers and tumblers.
These provisions were removed from the NDAA, which was recently passed by the United States Senate with a value of $886 billion. The amendments related to cryptocurrencies were influenced by the Digital Asset Anti-Money Laundering Act and the Responsible Financial Innovation Act, both of which aim to prevent illicit activities in the industry.
The US government has been actively discussing issues related to money laundering and terrorist financing facilitated through cryptocurrencies. The Financial Services Committee of the US House of Representatives recently held a meeting to address illegal activities within the crypto ecosystem and evaluate the efforts of crypto exchanges and decentralized finance providers in preventing money laundering and terrorist financing.
Overall, the removal of these provisions from the NDAA reflects a shift in the government’s approach to regulating cryptocurrencies and addressing AML concerns. It remains to be seen how this decision will impact the industry and whether alternative measures will be implemented to ensure the integrity of cryptocurrency transactions.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Kirsten Gillibrand, Cynthia Lummis, Roger Marshall, Elizabeth Warren |
| Companies | National Defense Authorization Act (NDAA), United States Senate, Financial Services Committee, US Secretary of the Treasury, US House of Representatives |
| Currencies | None |
| Securities | None |
