US gov’t removes two crypto AML rules from national defense bill

The United States government has eliminated two provisions from the National Defense Authorization Act (NDAA) that were designed to address anti-money laundering (AML) concerns involving cryptocurrency.

The NDAA is a legislation that authorizes how the country’s defense department can use federal funding. Among the extensive list of provisions removed from the NDAA, two specifically outlined a thorough review system and reporting of crypto activities to combat illicit practices.

National Defense Authorization Act Conference Report. Source: U.S. Senate Committee on Armed Services

The first provision mandated the US Secretary of the Treasury to coordinate with banking and government…

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