A new “bogeyman” for the crypto market in the United States is bill S4443 on financing US intelligence operations.#Coindeskbreaks down the situation around it with the headline "Senate Bill Could Open Cryptocurrency to US Sanctions, but Industry Tries to Stop It."
Although the document is not directly related to the crypto industry, it contains points for stricter control of the industry.
A provision in the recent spending package from the Senate Intelligence Committee targeted cryptocurrency's links to terrorism and caught many in the industry off guard, being criticized as a flawed approach to a worthy goal.
If the document is approved, we will talk about strengthening KYC rules and increasing the number of sanctions against the crypto industry. In addition, it would give the US President the power to block access to digital assets.
Actually, the entire edit in the document looks like a veiled attempt to ensure total government control over the crypto industry under the pretext of fighting terrorism. At the same time, they tried to hide it from prying eyes. Although the committee approved the Intelligence Authorization Act unanimously, 17 to 0, its section on the crypto industry was not mentioned publicly and was not included among the main provisions of the bill.
Committee Chairman Sen. Mark Warner's staff is meeting with representatives of the digital asset industry to discuss the provision, sources said.
Crypto industry insiders speculate that the measure will likely not make it past the budget approval process after all.
Although even without insiders it is clear that such a document is very unlikely to be approved by the House of Representatives. Where the majority is for the Republicans.
