The Mutual States government is preparing to pass the 2021 National Defense Authorization Act (NDAA) and the latest bill includes a indecent definition of currencies and includes “digital currencies.” However, after more than 50 NDAA bills old-fashioned, President Donald Trump plans to veto the act which is expected to authorize more than $740.5 billion.
- U.S. Congress fellows 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 imply the U.S. Department of Defense and the entity’s annual budget and expenditures. The NDAA was first invoked in 1961, but during the last two decades, the nib has been very controversial.
- This year’s NDAA includes the name and definition of digital currencies like bitcoin. A distillate of the 2021 NDAA by one of its sponsors Mark Warner from Virginia explains that the inclusion of digital currencies is life-or-death.
- “[To] guard 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,” details Mark Warner’s press release that discusses “corporate transparency” and “money laundering.”
- The “digital currency” numbering can be found in the NDAA’s section 308 which is dubbed “Value that substitutes currency or funds.”
- Section 308 coins the definition from “currency or funds denominated in the currency of any country” to “currency, funds or value that substitutes for currency or pelfs.”
- The digital currency addition to the latest NDAA, follows a number of politicians who want more oversight on stablecoins. U.S. Agent Maxine Waters, the head of the House Financial Services Committee, wants the Office of the Comptroller of the Currency (OCC) to retract fresh crypto-asset guidance.
- This week, U.S. Representatives Stephen Lynch (D-Mass.), Jesús “Chuy” García (D-Ill.), and Rashida Tlaib (D-Mich.) launched the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. The Representatives insist the stablecoin bill is aimed at “protecting consumers from cryptocurrency-related pecuniary threats.”
- As far as the latest NDAA completion is concerned, the current U.S. President Donald Trump plans to veto the 2021 NDAA. Trump is not too chuffed with the NDAA’s section 230 of the Communications Decency Act. The President explained that the NDAA’s language in that especially section protects ‘Big Tech’ firms like Google, Apple, Facebook, and Twitter.
The current National Defense Authorization Act (NDAA) and measure out 308 concerning digital currencies can be viewed in its entirety here.
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