The United States government is preparing to pass the National Defense Authorization Act (NDAA) of 2021 and the latest bill broadly defines currency and also includes ‘digital currency’. However, after more than 50 NDAA bills are passed, President Donald Trump is planning to veto the bill that is expected to pass more than $ 740.5 billion.
Members of the United States Congress are expected to complete the National Defense Authorization Act (NDAA) for the 2021 fiscal year. The NDAA is the name for a series of United States laws that pertain to the United States Department of Defense and the entity’s annual budget and expenses. The NDAA was first invoked in 1961, but for the last two decades, the bill has been highly controversial.
This year’s NDAA includes the name and definition of digital currencies such as bitcoin. A summary of the NDAA 2021 by one of its Virginia sponsors Mark Warner explains that the incorporation of digital currency is necessary.
“[To] ensure that current and future payment systems are included in the AML-CFT regime by updating the definition of “coins and currencies” to include digital currencies, “explains Mark Warner’s press release detailing” transparency of companies “and” money laundering ” of money “is discussed.
The inclusion of “digital currency” can be found in Section 308 of the NDAA, which is referred to as “Value Substituting Currency or Funds.”
Section 308 changes the definition of “currency or funds denominated in a country’s currency” to “currency, funds, or value substituting currency or funds.”
The addition of digital currencies to the latest NDAA follows a number of politicians who want a better overview of stablecoins. U.S. Representative Maxine Waters, the head of the House Financial Services Committee, wants the Office of the Comptroller of the Currency (OCC) to revoke the recent crypto asset guidelines.
This week, US representatives Stephen Lynch (D-Mass.), Jesús “Chuy” García (D-Ill.), And Rashida Tlaib (D-Mich.) Introduced The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. The representatives insist that the stablecoin account is intended to “protect consumers from cryptocurrency-related financial threats.”
As for the final completion of the NDAA, current US President Donald Trump plans to veto the NDAA for 2021. Trump is not too happy with section 230 of the NDAA of the Communications Decency Act. The president explained that the NDAA’s language in that particular section protects ‘Big Tech’ companies such as Google, Apple, Facebook and Twitter.
The current National Defense Authorization Act (NDAA) and section 308 on digital currencies can be viewed in their entirety here.
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