2024 US Defense Bill Removes Cryptocurrency-Related Provisions

U.S. lawmakers have removed cryptocurrency provisions from the 2024 National Defense Authorization Bill, which is heading for a final vote. The bill is almost certain to be approved but will not create new regulations on cryptocurrencies. Previously, negotiators stripped away the encryption language to ease passage in both chambers. While the bill retains broad provisions for existing security programs, it avoids expanding regulatory scope to digital assets. The decision defers any potential new cryptocurrency regulations to possible future action by Congress. According to the Senate Armed Services Committee, the bill omits a Senate amendment that would have required the Treasury Secretary to establish a review process to evaluate financial institutions’ cryptocurrency laundering controls and compliance; another proposal abandoned by the Senate would have forced the Treasury Secretary to Submit a report and brief to congressional committees evaluating technologies enabling anonymous crypto transactions and other countries’ legislative and regulatory approaches. (CryptoSlate)