WASHINGTON—A piece of legislation with heavy implications for the digital assets sector—including sanctions—has made it through the Senate Select Committee on Intelligence's funding package recently without most in the industry and many in Congress, apparently aware of it, according to a new report.
But its chances for survival may be thin.
A Senate bill meant to fund U.S. intelligence operations included a section borrowed from an earlier bill aimed at preventing the use of cryptocurrency to support terrorism, CoinDesk reported.
‘Massive Shift’
“That provision, as written, could require a massive shift in the crypto industry toward identifying users' identities to prevent sanctions that could strangle digital assets businesses,” CoinDesk said. “Were it to become law, it would mark the most important U.S. crypto policy yet adopted – and all without significant debate about its merits.”
The report added that the section of the intelligence funding effort would speed and automate the process to sanction "foreign digital asset transaction facilitators" – including crypto exchanges – that are linked to users who support terrorism groups.
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