The US Senate has approved the 2024 National Defense Authorization Act (NDAA), which is closely related to the crypto industry.
The National Defense Authorization Act of 2024 (NDAA), approved by the U.S. Senate, includes a provision on cryptocurrencies and crypto-related entities. Generally, the NDAA is a bill that assists services in federal funds belonging to the department of defense.
Factors in the approval of the NDAA
The main elements in the approval of the NDAA attracted attention. The Digital Asset Anti-Money Laundering Law, which was implemented in 2022, is one of these elements. Another is in the form of critical issues such as the collapse of FTX and the sinking of LUNA. Because of these situations, the NDAA was created with provisions taken from the Responsible Financial Innovation Act.
The NDAA, which helped authorize how the U.S. Department of Defense can use federal funds, has made a splash not only on a country-by-country basis, but also in other countries. The bill made changes to the crypto industry by a group of senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand, and Roger Marshall.
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