According to ChainCatcher, Fox reporter Eleanor Terrett reported that U.S. Congressman Brad Sherman submitted an amendment to the House Rules Committee, requiring the following to be included in the passed National Defense Authorization Act (NDAA):The Secretary of the Treasury will have "clear authority to prohibit digital asset trading platforms and trading intermediaries under U.S. jurisdiction from transacting with known or reasonably suspected cryptocurrency addresses in Russia."The Financial Crimes Enforcement Network (@FinCENnews) will have the authority to require U.S. taxpayers participating in overseas cryptocurrency transactions exceeding $10,000 to submit FinCEN Form 114 (FBAR).

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.

According to ChainCatcher news, informed sources have disclosed that the U.S. Senate leadership has approved an amendment to the National Defense Authorization Act (NDAA), which will require federal regulators to develop new anti-money laundering guidelines, including anti-money laundering provisions focused on cryptocurrencies, such as requiring crypto ATMs to collect user identity information, and crypto ATM operators will also need to report the status of all operational locations to the government, among other things. (Source link)