- The US Congress has included digital currencies in its 2021 NDAA bill.
- The bill changes the definition of currency from “currency or funds denominated in the currency of any country” to “currency, funds or value that substitutes for currency or funds.”
- President Donald Trump threatens to veto the 2021 defense bill.
The US Congress has added digital currencies in the National Defense Authorization Act (NDAA) defense bill 2021. However, President Trump threatens to veto it because it doesn’t repeal Section 230 of the Communications Decency Act.
As of now, the US Congress is drawing closer to approving the $740.5 billion annual defense bill. Also, the massive NDAA bill is now set to be represented before both the House of Representatives and the Senate.
Inclusion of Crypto in New Bill
Remarkably, the final draft of the NDAA 2021 bill includes digital currencies in its definition of currencies. The bill changes the definition from “currency or funds denominated in the currency of any country” to “currency, funds or value that substitutes for currency or funds.”
In detail, The NDAA bill includes language from the Senators’ ILLICIT CASH Act. This ensures the inclusion of current and future payment systems in Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
Following then, Senator Mark Warner of Virginia’s office pointed out that the inclusion of digital currencies is a necessity.
The draft broadens the “definition of ‘coins and currency’ to include digital currency” being used for illicit activities.
Additionally, the office of Rep. Maxine Waters, chair of the House Financial Services Committee, highlighted the inclusion of language from Rep. Juan Vargas (D-CA). In particular, the statement in the NDAA notes that it seeks “to advance efforts to counter the illicit uses of virtual currencies and marketplaces” in illegal activities such as drug trafficking and sex trafficking..
President Trump Threatens to Veto the 2021 NDAA Bill
Meanwhile, President Donald Trump plans to veto the 2021 NDAA. As per Trump, he does not support section 230 of the Communications Decency Act. Additionally, the NDAA’s language in that particular section protects ‘Big Tech’ firms like Google, Apple, Facebook, and Twitter.
More so, the section fuels biased behavior toward conservatives on social media. Even more, it also allows alleged election interference by social media companies.