Senate Bill Could Open Crypto to U.S. Sanctions, but Industry Trying to Head it Off
A Senate bill, part of the Intelligence Authorization Act, includes a provision targeting cryptocurrency use in supporting terrorism. The provision could lead to significant changes in the crypto industry, but its chances of passing are uncertain. The industry is pushing for broader engagement and is concerned about the lack of debate and potential unintended consequences. The House may also be hesitant to support such a provision, given recent bipartisan support for crypto regulation. The bill's language may have broader implications than intended and could impact central banks and stablecoin users. The industry is open to discussing legislation to prevent illicit use of cryptocurrency but has concerns about the proposed guidelines and sanctions system. The industry is keen to avoid another legislative surprise and is increasing its lobbying efforts in Washington.
