Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
End-of-year US defense authorization bill leaves out crypto provisions

End-of-year US defense authorization bill leaves out crypto provisions

The BlockThe Block2023/12/07 17:57
By:The Block

Quick Take The US Congress released a final National Defense Authorization Act on Wednesday night, which authorizes appropriations for defense-related activities. The package does not include any crypto or blockchain provisions, punting legislation to next year.

End-of-year US defense authorization bill leaves out crypto provisions image 0

The U.S. Congress released a final National Defense Authorization Act on Wednesday night, which authorizes appropriations for defense-related activities, but the package does not include any crypto or blockchain provisions, said Cody Carbone, vice president of policy for the Chamber of Digital Commerce. 

The package excluded an amendment from Sens. Cynthia Lummis, R-Wyo., Kirsten Gillibrand, D-N.Y., Roger Marshall, R-Kan., and Elizabeth Warren, D-Mass., that would have required regulators to set up examination standards for financial institutions engaged in crypto activities while also requiring the Treasury Department to come up with recommendations to Congress on crypto mixers. 

Another provision would have created an independent working group to "combat terrorism and illicit financing." That bill was introduced in April by Sens. Ted Budd, R-N.C. and Gillibrand. 

"We're extremely disappointed that the FY24 NDAA failed to include bipartisan and common-sense digital asset and blockchain legislation," Carbone said. "This was a missed opportunity." 

Sen. Lummis said she was disappointed to see her illicit finance provision cut out of the NDAA and said Congress needs to "pass meaningful crypto asset legislation to provide robust consumer protections and create a well-regulated and safe crypto asset market in the United States." 

Lummis also said she planned her work to pass her bill with Sen. Gillibrand to regulate crypto.

"I will continue to work tirelessly to pass the Lummis-Gillibrand Responsible Financial Innovation Act to ensure the United States remains the global financial leader," Lummis said in an emailed statement. 

Here comes 2024

Crypto legislation still faces some major headwinds in 2024 as lawmakers will try to push forward bills that would regulate stablecoins on the federal level and take a comprehensive approach to regulating crypto. Both bills passed out of the House Financial Services committee in July, but would need to be brought to the Senate Banking Committee, which could prove to be a challenge next year. 

Election season could also throw a wrench in plans, or could put crypto at the forefront. Republican presidential candidates have taken crypto stances, particularly when discussing central bank digital currencies. 

Updated at 12:30 p.m. ET to include comments from Sen. Lummis


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New spot margin trading pair — CROSS/USDT, TAC/USDT!

Bitget Announcement2025/07/16 08:07

Subscribe to TANSSI Savings and enjoy up to 15% APR

Bitget Announcement2025/07/15 11:00

TACUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/15 10:40