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USDC and other stablecoins may encounter challenges if a new national defense bill, passed by the US Senate, is enacted into law.The 2024 National Defense Authorization Act might introduce new KYC (Know Your Customer) and anti-money laundering requirements for stablecoin issuers, but it could be tough for them to meet these requirements.<h2 id="header-0">New KYC Law Could Impact Stablecoins</h2>Berenberg analyst Mark Palmer explained that the 2024 National Defense Authorization Act would require the U.S. Treasury Secretary to establish examination <a href="https://cryptosheadlines.com/crypto-storage-provider-zodia-raises-assets-36m-from-sbi-standard-chartered/" rel="noopener noreferrer nofollow">standards for crypto assets</a>. This measure aims to ensure compliance with <a href="https://cryptosheadlines.com/the-fbi-seizes-9-cryptocurrency-exchanges-due-to-allegations-of-money-laundering/" rel="noopener noreferrer nofollow">money laundering</a> and sanctions laws.Palmer <a href="https://cryptosheadlines.com/us-hearing-highlights-stablecoin-split-in-house-bills/" rel="noopener noreferrer nofollow">highlighted</a> that stablecoin holders’ identities are only known during the issuance and redemption of stablecoins, creating a challenge for stablecoin issuers in complying with the proposed KYC law. <a href="https://cryptosheadlines.com/new-us-defense-bill-may-impact-stablecoins/" rel="noopener noreferrer nofollow">Read More...</a>Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a> and <a href="https://www.threads.net/&#64;cryptosheadlines" rel="noopener noreferrer nofollow">Threads App</a>

New US Defense Bill May Impact Stablecoins

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