Rep. Brad Sherman, D-Calif., submitted an amendment to the House Rules Committee aimed at incorporating specific cryptocurrency regulations into the must-pass National Defense Authorization Act (NDAA). The amendment is intended to increase the control and oversight powers of U.S. financial regulators over cryptocurrency transactions, especially those related to foreign entities or conducted overseas.
NEW: California Democrat @BradSherman filed an amendment with the House Rules Committee for the following to be included in the must-pass NDAA (National Defense Authorization Act) bill: 1. The @USTreasury Secretary would have “clear authority to prohibit digital asset trading…
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
Strengthen the powers of the finance minister to prevent Russia from blocking
The first part of Sherman’s proposed amendment would give the U.S. Treasury Secretary explicit authority to ban digital asset trading platforms in U.S. jurisdictions from trading with Russian-linked cryptocurrency addresses. Preventing unscrupulous actors from using cryptocurrencies to circumvent economic sanctions imposed on Russia. The provision highlights the need for clear supervisory powers to block transactions potentially linked to Russian entities and ensure compliance with domestic and international sanctions.
(U.S. Treasury Department: Russia uses USDT to evade sanctions, Congress urgently needs to expand regulatory authority)
Enhanced FinCEN reporting requirements
The second part of the amendment focuses on enhancing reporting requirements for U.S. taxpayers involved in significant overseas cryptocurrency transactions. The Financial Crimes Enforcement Network (FinCEN) will be authorized to require any U.S. taxpayer who conducts cryptocurrency transactions outside the United States worth more than $10,000 to file a FinCEN Form 114 (FBAR). This requirement is intended to increase transparency, combat financial crime, and ensure that significant overseas cryptocurrency transactions are reported.
(Telegram Wallet changes the mysterious operator, and the user terms provide private information by default)
This article strengthens overseas law enforcement! Democratic lawmakers propose amending the National Defense Authorization Act to target cryptocurrency transactions and sanction Russian addresses first appeared on Chain News ABMedia.
