US lawmakers have proposed an amendment to the State Department Basic Officials Act of 1956 that includes information on crypto rewards and payments.
The gradual expansion of the crypto industry and the adoption of cryptocurrencies have also mobilized countries. Especially countries spend a lot of time on legal and legal processes. Thoughts on the payment method and use of cryptocurrencies for commercial purposes also took place on the agenda of countries. Although the bear trend is dominant in the sector, adoption and usage rates are increasing. People are not afraid to get involved in new technology. These processes bring along the needs of regulation and supervision. A protected crypto industry includes all investors. In the midst of these processes, a move came from lawmakers in the USA. Lawmakers demanded that crypto payments and rewards be moved to the legal dimension.
US Lawmakers Put Crypto Proposal On Legal Ground
US lawmakers contacted the country’s State Department. The crypto, which is proposed to be placed on legal ground, has been evaluated under the National Defense Authorization Act (NDAA).
According to the proposal, the US State Department will be required to provide information about any crypto payments or rewards within 15 days. This recommendation was based on transparency and open information.
In the official recommendation document, “The Secretary of State must notify at the latest 15 days before issuing an award covering cryptocurrencies. The Ministry will report these processes to the House of Representatives Foreign Relations Committee and the Senate Foreign Relations Committee.” statement was included.
In addition to the 15-day notice period, the State Department must submit a report justifying the use of cryptocurrencies to the House Foreign Relations Committee and the Senate Foreign Relations Committee within 180 days of enactment of the law. A requirement was also stated.
Along with these recommendations, it is expected to provide greater transparency about crypto payments and rewards.
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