U.S. lawmakers remove cryptocurrency-related provisions from the National Defense Authorization Act

According to ChainCatcher, as reported by Cryptoslate, lawmakers have removed cryptocurrency provisions from the $860 billion National Defense Authorization Act (NDAA) as it approaches its final vote, in order to facilitate its passage through both chambers of Congress. The provision required the Treasury Secretary to establish a review process to assess financial institutions' cryptocurrency anti-money laundering controls and compliance.

The National Defense Authorization Act (NDAA) is legislation passed by Congress each year to authorize funding and set defense policy for U.S. military and defense programs. Because this bill is typically seen as essential legislation, lawmakers often attempt to add other provisions to it. These provisions usually face rigorous scrutiny before the final vote.