The US government has been taking a relatively strict approach for some time The CryptoIndustry. Last year, the Treasury Department restricted crypto mixer Tornado Cash, and by the time Hamas attacked Israel last October, the fence had already been completely torn down. Nevertheless, the Biden administration now wants to withdraw two requirements.
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American crypto measures are off the table
The Senate Armed Services Committee has a report for the National Defense Authorization Act (NDAA) established for 2024. At a conference, the Ministry of Defense discussed what should be done next year in the field of national security and how the budget should be distributed among the various organizations of the ministry. The package of measures is supported by both the Senate and the House of Commons.
In 2023, and certainly in recent months, the government has become increasingly strict against the crypto industry. This was apparently not limited to discussions in the Senate and actions by the Treasury Department.
But according to the report, which runs to more than 3,000 pages, the government wants to roll back two measures. More specifically, the government no longer sees the point in creating standardized anti-money laundering measures for the crypto industry.
The government also no longer requires a research report on privacy coins and other techniques that increase anonymity. This report should have included information about how much crypto is being sent to and from parties subject to sanctions, as well as details about how other governments have cracked down on fraudulent companies.
The government is still strictly against cryptocurrencies
The measures represent a striking change from previous months and even years. Earlier this week, Senator Elizabeth Warren called crypto an existential threat to the US, and the Senate also just introduced a tough crypto terrorist financing bill.
At the same time, not all of the difficult decisions have been made yet. The government still wants to prevent the industry from getting into major financial problems on the scale of the FTX bankruptcy. This stems from the Digital Asset Anti-Money Laundering Act of 2022.
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