Last Thursday, the last day that the House of Representatives was in session, the final form of the yearly National Defense Authorization Act, or NDAA for short was passed and sent to the President's desk. This bill is one of the yearly spending bills that Congress must pass like the rest of the appropriations bills had failed to do. While many of these bills are relatively straightforward in what they do the NDAA, in the last few years has become known as a bill that had "riders" attached. These riders do not have anything to do with the purpose of the bill and while both parties would try and do it both parties recently have also gotten fed up with doing this because it is more or less a legal maneuver around the rules of creating and passing legislation. 

Even though both parties had been outspoken about not including these riders that did not mean that everyone was on board and several Members in both the Senate and the House publically discussed adding crypto legislation riders. For the most part, they could be divided into two different camps with the Senate adding restrictive measures to crypto much in line with the SEC and Federal Reserve and the House which was bipartisan pro-crypto looking to add parts of the passed bipartisan crypto bills. As late as the first week of December we had Elizabeth Warren not letting go of the idea of adding restrictive crypto legislation and thought that the NDAA was a "great" vehicle to do so. 

Crypto won in that it was not added and that cooler heads prevailed. If any previous would have been added either way it is likely that the bill once again would have gotten caught up in the different chamber politics resulting in the NDAA getting stuck once again. Since neither side would want the look of being the ones who tanked the bill the crypto provisions were dropped in their entirety. 

Next year both chambers have made statements about advancing crypto legislation but for the Senate, it is not exactly clear what type of package they would be able to advance. The House has been pretty clear with what its package will look like and once the spending bills are passed (hopefully earlier than later) this could be a topic that takes center stage. Being able to advance a package of legislation of that nature and with bipartisan support would be a huge coup for the Republican-led House which has been often mocked for the fact that they have been in chaos and have not functioned well at all. Unlike the Senate which is hellbent on a huge clamping down and restriction due to what some Senators claim are "National Security level money laundering issues" the House recognizes and addresses the new technology for what it is a new technology that needs basic guidance and not a boot on the neck approach that various Senators have been trying to push.

Plain and simple early draft of the NDAA with Senate provisions would have really affected the DeFi ecosystem and caused chaos to the nth degree. For now, the House has saved the Industry from having to worry about this absurd crackdown led by a very very time handful of individuals. DeFi is in a safe place with bipartisan support a rare occurrence in today's day and age and something that when it happens should be recognized and celebrated! 

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