Senate Passes NDAA Amendment to Prevent Crypto’s Illicit Use

The Senate included an amendment to the National Defense Authorization Act passed Thursday aimed at curbing the use of crypto in illicit transactions.

The measure from Democrats Elizabeth Warren of Massachusetts and Kirsten Gillibrand of New York and Republicans Roger Marshall of Kansas and Cynthia Lummis of Wyoming would require the Treasury Department to set examination standards for financial firms engaged in crypto activities.

• It would also mandate that the department conduct a study on combating tools used to make crypto transactions more anonymous. That would include recommendations for legislation or regulation to address the technologies and data on their ...