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On Thursday evening, the U.S. Senate successfully approved the 2024 National Defense Authorization Act (NDAA), encompassing a crucial provision to enhance supervision over financial institutions involved in cryptocurrency trading. Additionally, the Act specifically targets crypto mixers and "anonymity-enhancing" crypto assets, aiming to regulate these aspects more effectively.
The bipartisan effort of U.S. Senators Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), Elizabeth Warren (D-Mass.), and Roger Marshall (R-Kan.) successfully brought forth an amendment, which they highlighted in a press release as "one of the most substantial congressional actions to date regarding crypto assets."
The amendment draws provisions from two key pieces of legislation: the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and Senator Warren's and Senator Marshall's Digital Asset Anti-Money Laundering Act, which was introduced in 2022. It specifically mandates the Secretary of the Treasury to "establish examination standards for crypto assets," aiming to enhance the ability of examiners to assess risks and ensure adherence to money laundering and sanctions regulations. Furthermore, the amendment requires the Treasury Department to undertake a comprehensive study on "combating anonymous crypto asset transactions," with a particular focus on addressing the use of crypto mixers to obscure the origins of funds.
“Cracking down on illicit finance in the crypto asset industry is essential for weeding out bad actors and ensuring crypto assets are not used to evade sanctions and fund terrorism,” said Senator Lummis in the press release.
It's a customary procedure to include amendments in the bill that may not necessarily be related to defense matters. Earlier this month, the House approved its version of the NDAA, which is considered a crucial legislation that must be passed. Now, both chambers must engage in negotiations to arrive at a version that can gain approval from both of them.
On the preceding Thursday, the House Agriculture Committee made significant progress by advancing the Financial Innovation Technology for the 21st Century Act. This act aims to establish a comprehensive federal regulatory framework for cryptocurrencies in the United States. Notably, the House Financial Services Committee had already passed its own version of the bill on the previous Wednesday.
