US Senate Bill Aims to Regulate Crypto, but Implementation Unlikely
CryptoNewsTerminal Staff10 Jun, 2024
US Senate Bill Aims to Regulate Crypto, but Implementation Unlikely
The US Senate Intelligence Committee recently passed a bill that could potentially have major implications for the cryptocurrency industry. However, many in the industry see limited potential for it to become law. The bill, known as the Intelligence Authorization Act, includes provisions that aim to prevent the use of cryptocurrency to support terrorism and could potentially force more transparency on crypto users. However, there is no mention of the crypto industry or major provisions in the bill. Cody Carbone, VP of Policy at the Digital Chamber of Commerce in Washington, said "given the industry pushback, it seems likely that this provision will be stripped out during the broader NDAA process, However, the lack of clarity on how to identify sanctions evaders could still be problematic."
