REGULATION

Strengthening Overseas Law Enforcement! Democratic lawmakers propose amending the "National Defense Authorization Act" to target cryptocurrency transactions, sanctioning Russian addresses.

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Strengthening Overseas Law Enforcement! Democratic lawmakers propose amending the "National Defense Authorization Act" to target cryptocurrency transactions, sanctioning Russian addresses.

California Democratic Congressman Brad Sherman has submitted an amendment to the House Rules Committee that aims to include specific cryptocurrency regulatory provisions in the required National Defense Authorization Act (NDAA). This amendment is intended to enhance the regulatory control and oversight of cryptocurrency transactions by U.S. financial regulatory agencies, especially those involving foreign entities or conducted overseas.

Table of Contents

Enhancing the power of the Treasury Secretary to Block Russian Connections

Sherman's proposed amendment gives the U.S. Treasury Secretary explicit authority to prohibit digital asset trading platforms within U.S. jurisdiction from engaging in transactions with cryptocurrency addresses linked to Russia. This is to prevent illicit actors from using cryptocurrencies to evade economic sanctions imposed on Russia. The provision underscores the necessity of clear regulatory authority to prevent transactions possibly related to Russian entities, ensuring compliance with domestic and international sanctions.

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Strengthening FinCEN Reporting Requirements

The second part of the amendment focuses on enhancing reporting requirements for U.S. taxpayers involved in significant overseas cryptocurrency transactions. The Financial Crimes Enforcement Network (FinCEN) will be authorized to require U.S. taxpayers engaging in cryptocurrency transactions exceeding $10,000 outside the U.S. to file FinCEN Form 114 FBAR. This requirement aims to increase transparency, combat financial crimes, and ensure reporting of significant overseas cryptocurrency transactions.

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