Massive Expansion of Crypto Sanctions Power Snuck into Senate Budget Proposal
The Breakdown
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Senate proposal includes massive expansion of crypto sanctions powers triggering industry concern
The chapter focuses on the Senate's budget proposal aiming to grant the Treasury enhanced powers to impose sanctions on foreign digital asset transaction facilitators, raising worries in the crypto industry. The bill's inclusion of these new powers, with little transparency, suggests it may be integrated into the National Defense Authorization Act, mirroring the tactics of a previous crypto-taxation legislation.
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