U.S. Congress members are expected to complete the National Defense Authorization Act (NDAA) for the 2021 fiscal year. The NDAA is the name for a series of U.S. laws that involve the U.S. Department of Defense and the entity’s annual budget and expenditures.
According to available data obtained by Iykeman.com, the NDAA was first invoked in 1961, but during the last two decades, the bill has been very controversial and hence pushing it was always a very big task. However this year surprisingly saw the inclusion of a digital currency in the bill.
One of the key sponsors of the bill Mark Warner from Virginia explains that the inclusion of digital currencies is necessary. He gave reasons as to enable the authorities to protect corporate and private individuals from fraud and offer more transparency in the digital exchange space.
“To ensure the inclusion of current and future payment systems in the AML-CFT regime by updating the definition of “coins and currency” to include digital currency,” This was obtained during a press release that discusses corporate transparency and money laundering issues.
What you should know.
The digital currency addition to the latest NDAA, follows a number of US politicians who want more oversight on stablecoins. Some lawmakers especially the house of Representatives want the Office of the Comptroller of the Currency (OCC) to retract recent crypto-asset guidance.