According to Odaily, US Democratic Congressman Brad Sherma has proposed an amendment to the House Rules Committee. The amendment calls for the inclusion of specific provisions in the passed Defense Authorization Act.
Firstly, the amendment would grant the US Treasury Secretary explicit authority to prohibit digital asset trading platforms and intermediaries under US jurisdiction from transacting with cryptocurrency addresses that are known or reasonably believed to be in Russia.
Secondly, the Financial Crimes Enforcement Network (FinCEN) would have the power to require US taxpayers involved in overseas cryptocurrency transactions valued over $10,000 to submit a FinCEN Form 114 (FBAR).
The proposed amendment by Congressman Sherma is part of a broader effort to regulate the cryptocurrency sector, particularly in relation to potential risks associated with international transactions. The move comes amid growing concerns about the use of digital currencies in illicit activities, including money laundering and financing of terrorism.
The Defense Authorization Act, which is passed annually, provides the legal basis for the Department of Defense's budget and expenditure. The inclusion of cryptocurrency regulations in the Act would mark a significant step towards the formal recognition and regulation of digital assets in the US.