National Defense Authorization Act for Fiscal Year 2024

Floor Speech

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Ms. LUMMIS. Mr. Chairman, I call up my motion to instruct the conferees.

The clerk will report the motion.

The legislative clerk read as follows:

Ms. Lummis (for herself, Mrs. Gillibrand, Mr. Marshall, and Ms. Warren) moves that the managers on the part of the Senate at the conference on the disagreeing votes of the two Houses on the Senate amendment to the bill H.R. 2670 be instructed to insist that the final conference report include subtitle J of title X of division A of Senate Bill 2226, 118th Congress, passed July 27, 2023.

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Ms. LUMMIS. Mr. President, this motion to instruct conferees would combat bad actors using crypto assets in financial transactions by preserving in the NDAA my amendment introduced alongside my colleagues from both sides of the aisle including Senators Kirsten Gillibrand, Elizabeth Warren, and Roger Marshall.

This amendment would not only combat money laundering, it would crack down on countries evading sanctions and funding terrorism through crypto assets.

It does this by requiring the Treasury Department to establish comprehensive exam standards for financial institutions engaged in crypto asset activities and requires a study on the use of crypto asset mixers, tumblers, and other anonymity-enhancing technologies.

Preventing illicit finance in the crypto asset industry is integral as we work to provide comprehensive regulation to the industry--and passing these provisions into law will protect our national security and ensure our adversaries are not using crypto assets to finance those who would do harm to the United States. I strongly urge my colleagues in joining me in support of my motion to instruct.

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Ms. LUMMIS. I know of no further debate on the motion. Vote on Motion to Instruct

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