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- 1 Four U.S. Senators brought an amendment related to crypto assets.
- 2 The amendment also aims “at crypto mixers and anonymity-enhancing crypto assets.”
Late on July 27, 2023, Thursday, the U.S. Senate announced that it has passed the 2024 National Defense Authorization Act (NDAA). This act comes with a provision that tightens oversight over crypto-linked financial institutions, according to a recent report by Yahoo Finance, the U.S.-based business news platform.
The Crypto Amendment Bill Highlights
A bipartisan group of four U.S. Senators, Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), Elizabeth Warren (D-Mass.), and Roger Marshall (R-Kan.) brought the amendment. In Thursday’s press release, they said their work represented “one of the most substantial congressional actions to date regarding crypto assets.”
Furthermore, the amendment was made by provisions taken from the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and Senator Warren’s and Senator Marshall’s Digital Asset Anti-Money Laundering Act, introduced last year.
Notably, it requires that the Secretary of the Treasury “establish examination standards for crypto assets.” It would also help examiners better assess risk and ensure compliance with money laundering and sanctions laws.
It further requires the Treasury Department to conduct a study on “combating anonymous crypto-asset transactions.” It will include the use of crypto mixers that are sometimes used to alter funds.
According to Senator Lummis, “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.”
Notably, this is a common practice to add amendments to the bill that aren’t necessarily defense-linked. The House passed its version of the NDAA, seen as a “must-pass piece of legislation”, earlier this month, and both chambers now need to negotiate on a version that can pass both chambers.
Furthermore, earlier on July 27, Thursday, the House Agriculture Committee advanced the Financial Innovation Technology for the 21st Century Act. It would create a federal regulatory framework for crypto in America. Meanwhile, The House Financial Services Committee passed its version of that bill on Wednesday, July 26, 2023.
How’s Crypto Market Doing?
At press time, the global crypto market cap is $1.18 Trillion, a 0.85% decrease over the last day. The total crypto market volume over the last 24 hours is $26.08 Billion, which makes a 16.80% decrease. The total volume in Decentralized Finance (DeFi) is $2.25 Billion which is 8.64% of the total crypto market 24-hour volume.
Moreover, the volume of all stablecoins is showing at $24.34 Billion. It is 93.33% of the total crypto market 24-hour volume.
The dominance of the most traded cryptocurrency by market cap, Bitcoin (BTC), is currently 48.16%, a decrease of 0.07% over the day. Whereas, BTC is trading at a price of $29,211.33 with a 1.01% drop in the last 24 hours, as per the data sourced from CoinMarketCap, a cryptocurrency price tracking site.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
