New $768 Billion Defense Bill Removes Cryptocurrencies From National Strategy Against Terrorists

a $768 billion defense policy bill into law that signals to the Pentagon critical issues for national security and a whopping $740 billion to the Department of Defense. According to the new law, the U.S. National Strategy Against Terrorism and Illicit Finance will no longer include language explicitly describing cryptocurrency, ‘‘by striking...such as so-called cryptocurrencies, other methods that are computer, telecommunications, or Internet-based, cyber crime,’’.

The new bill updates the wording in a section called ‘Trend Analysis of Emerging Illicit Finance Threats to now say, “A discussion of and data regarding trends in illicit finance, involving evolving forms of value transfer.” With the specific elimination of cryptocurrencies as well as computer, telco, or Internet based cybercrime that came after ‘value transfer’, this policy position seems to de-emphasize the concern around or targeting of emerging technology....

Yellen and Vice President Kamala Harris in the Roosevelt Room of the White House, March 5, 2021 in Washington, DC. Yellen has recently commented that bitcoin is an “extremely inefficient” way to conduct monetary transactions.

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