The U.S. Senate approves NDAA with provision for crypto regulation
The U.S. Senate has approved the 2024 National Defense Authorization Act (NDAA), which includes a provision to strengthen regulatory oversight of financial institutions involved in crypto trading. The provision focuses on enhancing transparency and oversight of crypto transactions by targeting mixers and anonymity-enhancing tokens. Here are the key points:
- A bipartisan group of senators proposed the amendment
- The provision aims to establish examination standards for crypto assets
- The Treasury Department will conduct a study on anonymous crypto transactions
- Senator Cynthia Lummis highlights the importance of preventing illicit finance
- The House Financial Services Committee passed bills related to cryptocurrency regulation
The next step involves negotiation and consensus-building to create an agreeable version that can pass through the legislative process. US Treasury Secretary Janet Yellen has also emphasized the need for stricter digital asset regulations to protect consumers. This move represents a significant step in the regulation of crypto assets in the US.
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