{"id":52845,"date":"2020-12-06T09:01:39","date_gmt":"2020-12-06T09:01:39","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=52845"},"modified":"2020-12-06T09:01:39","modified_gmt":"2020-12-06T09:01:39","slug":"us-representatives-add-digital-currencies-to-the-2021-defense-bill","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=52845","title":{"rendered":"US Representatives Add Digital Currencies to the 2021 Defense Bill"},"content":{"rendered":"<p><img decoding=\"async\" width=\"696\" height=\"392\" src=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-768x432.jpg\" class=\"attachment-medium_large size-medium_large wp-post-image\" alt=\"US Representatives Add Digital Currencies to the 2021 Defense Bill\" loading=\"lazy\" srcset=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-768x432.jpg 768w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-300x169.jpg 300w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-1024x576.jpg 1024w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-696x392.jpg 696w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-1068x601.jpg 1068w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-747x420.jpg 747w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-190x107.jpg 190w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-380x214.jpg 380w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill-760x428.jpg 760w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/us-representatives-add-digital-currencies-to-the-2021-defense-bill.jpg 1280w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\"><\/p>\n<p><strong>The United States government is preparing to pass the 2021 National Defense Authorization Act (NDAA) and the latest bill includes a broad definition of currencies and includes \u201cdigital currencies.\u201d However, after more than 50 NDAA bills passed, President Donald Trump plans to veto the act which is expected to authorize more than $740.5 billion.<\/strong><\/p>\n<ul>\n<li>U.S. Congress members are expected to complete the National Defense Authorization Act (NDAA) for the 2021 fiscal year. The NDAA is the name for a series of U.S. laws that involve the U.S. Department of Defense and the entity\u2019s annual budget and expenditures. The NDAA was first invoked in 1961, but during the last two decades, the bill has been very controversial.<\/li>\n<li>This year\u2019s NDAA includes the name and definition of digital currencies like bitcoin. A summary of the 2021 NDAA by one of its sponsors Mark Warner from Virginia explains that the inclusion of digital currencies is necessary.<\/li>\n<\/ul>\n<figure aria-describedby=\"caption-attachment-427239\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-427239 size-full\" title=\"US Representatives Add Digital Currencies to the 2021 Defense Bill\" src=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/ndaatag.jpg\" alt=\"US Representatives Add Digital Currencies to the 2021 Defense Bill\" width=\"1280\" height=\"500\" srcset=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/ndaatag.jpg 1280w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-300x117.jpg 300w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-1024x400.jpg 1024w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-768x300.jpg 768w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-696x272.jpg 696w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-1068x417.jpg 1068w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag-1075x420.jpg 1075w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"><figcaption class=\"wp-caption-text\">Section 308 of the U.S. 2021 National Defense Authorization Act (NDAA) now includes the broad definition of \u201cdigital currency.\u201d<\/figcaption><\/figure>\n<ul>\n<li>\u201c[To] ensure the inclusion of current and future payment systems in the AML-CFT regime by updating the definition of \u201ccoins and currency\u201d to include digital currency,\u201d explains Mark Warner\u2019s press release that discusses \u201ccorporate transparency\u201d and \u201cmoney laundering.\u201d<\/li>\n<li>The \u201cdigital currency\u201d inclusion can be found in the NDAA\u2019s section 308 which is dubbed \u201cValue that substitutes currency or funds.\u201d<\/li>\n<li>Section 308 changes the definition from \u201ccurrency or funds denominated in the currency of any country\u201d to \u201ccurrency, funds or value that substitutes for currency or funds.\u201d<\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-427241\" title=\"US Representatives Add Digital Currencies to the 2021 Defense Bill\" src=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/ndaatag33.jpg\" alt=\"US Representatives Add Digital Currencies to the 2021 Defense Bill\" width=\"1280\" height=\"500\" srcset=\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/ndaatag33.jpg 1280w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-300x117.jpg 300w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-1024x400.jpg 1024w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-768x300.jpg 768w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-696x272.jpg 696w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-1068x417.jpg 1068w, https:\/\/news.bitcoin.com\/wp-content\/uploads\/2020\/12\/ndaatag33-1075x420.jpg 1075w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"><\/p>\n<ul>\n<li>The digital currency addition to the latest NDAA, follows a number of politicians who want more oversight on stablecoins. U.S. Representative Maxine Waters, the head of the House Financial Services Committee, wants the Office of the Comptroller of the Currency (OCC) to retract recent crypto-asset guidance.<\/li>\n<li>This week, U.S. Representatives Stephen Lynch (D-Mass.), Jes\u00fas \u201cChuy\u201d Garc\u00eda (D-Ill.), and Rashida Tlaib (D-Mich.) introduced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. The Representatives insist the stablecoin bill is aimed at \u201cprotecting consumers from cryptocurrency-related financial threats.\u201d<\/li>\n<\/ul>\n<p><!-- growjs zone placement 31 --><ins> <ins class=\"growjs-placement\"><\/ins> <\/ins> <!-- end of growjs zone placement --> <\/p>\n<ul>\n<li>As far as the latest NDAA completion is concerned, the current U.S. President Donald Trump plans to veto the 2021 NDAA. Trump is not too pleased with the NDAA\u2019s section 230 of the Communications Decency Act. The President explained that the NDAA\u2019s language in that particular section protects \u2018Big Tech\u2019 firms like Google, Apple, Facebook, and Twitter.<\/li>\n<\/ul>\n<p>The current National Defense Authorization Act (NDAA) and section 308 concerning digital currencies can be viewed in its entirety <a href=\"https:\/\/www.scribd.com\/document\/427611462\/ILLICIT-CASH-Act-As-Introduced\"><strong>here<\/strong><\/a>.<\/p>\n<p><em><strong>What do you think about the U.S. government including digital currencies in the latest National Defense Authorization Act (NDAA)? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/news.bitcoin.com\/us-representatives-add-digital-currencies-to-the-2021-defense-bill\/\">US Representatives Add Digital Currencies to the 2021 Defense Bill<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/news.bitcoin.com\/\">Bitcoin News<\/a>.<\/p>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener noreferrer\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States government is preparing to pass the 2021 National Defense Authorization Act (NDAA) and the latest bill includes a broad definition of currencies and includes \u201cdigital currencies.\u201d However, after more than 50 NDAA bills passed, President Donald Trump plans to veto the act which is expected to authorize more than $740.5 billion. U.S. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":52846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-52845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/52845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52845"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/52845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/52846"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}