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U.S. Senate Passes $886B Military Spending Bill With Crypto AML Provision
The amendment takes aim at crypto mixers and “anonymity-enhancing” crypto assets.
Updated Jul 28, 2023, 6:24 a.m. Published Jul 28, 2023, 2:48 a.m.
The U.S. Senate on Thursday evening passed the 2024 National Defense Authorization Act (NDAA), which included a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets.
The amendment was brought forward by a bipartisan group of U.S. Senators, comprised of Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.), who said in a press release that the move represented "one of the most substantial congressional actions to date regarding crypto assets."
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The amendment was crafted by provisions taken from the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and Senator Warren’s and Senator Marshall’s Digital Asset Anti-Money Laundering Act, introduced in 2022. Specifically, it requires that the Secretary of the Treasury "establish examination standards for crypto assets," which would help examiners better assess risk and ensure compliance with money laundering and sanctions laws. In addition, it requires the Treasury Department to conduct a study on "combating anonymous crypto asset transactions," including the use of crypto mixers that are sometimes used to obfuscate funds.
“Cracking down on illicit finance in the crypto asset industry is essential for weeding out bad actors and ensuring crypto assets are not used to evade sanctions and fund terrorism,” said Senator Lummis in the press release.
It’s a common practice to add amendments to the bill that aren’t necessarily defense-related. The House passed its version of the NDAA, which is seen as a must-pass piece of legislation, earlier this month, and both chambers now need to negotiate on a version that can pass both chambers.
Earlier Thursday, the House Agriculture Committee advanced the Financial Innovation Technology for the 21st Century Act, which would create a federal regulatory framework for crypto in the U.S. The House Financial Services Committee passed its version of that bill on Wednesday.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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