State Department Needs To Reveal Rewards Paid Using Crypto
The draft of the National Defense Authorization Act (NDAA) which was released by members of the US Congress on Wednesday stipulates that the State Department, the federal government department responsible for foreign policy, says it is necessary to report on payments in crypto and their effects.
According to the National Defense Authorization Act, American lawmakers want the Department of State which is the arm of the federal government in charge of foreign policy, to disclose the rewards it gives in cryptocurrency.
The State Department is required to notify the House Foreign Affairs Committee and the Senate Foreign Relations Committee within 15 days of enacting the award. As for the report, the department will submit a report on the use of cryptocurrencies for rewards to the same committee within 180 days of the bill’s enactment to let the lawmakers know whether crypto payments encourage whistleblowers to come forward or they will end up in the wrong hands.
Although the NDAA is mandatory legislation and politicians often use it to push a broad set of policies, the Act, which authorizes defense spending still needs to be voted on by the legislature and signed into law by the president to take effect.
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