The bill’s implication on the industry is far-reaching as it affects privacy coins, crypto mixers, and several digital asset exchanges. The United States Senate has passed the National Defense Authorization Act (NDAA), a law that sets the agenda and funding standards for the Department of Defense.
The bill sets the federal government’s defense funding at $886 billion with a 5.2% pay rise for service members. While funding was a major issue, the law affects several industries including the digital asset ecosystem.
Specifically, it targets crypto mixers alongside privacy coins that mask the identity of users making it difficult for authorities to trace blockchain transactions.
The cryptocurrency amendment in the bill was pushed by several senators including Elizabeth Warren, Roger Marshall, Cynthia Lummis, and Kirsten Gillibrand as they try to reduce the prevalence of crypto-related fraud among users