On DEC 27, 2021, US President Joe Biden signed a bill into law. The National Defense Authorisation Act (NDAA) for the fiscal year 2022 authorizes spending $770 billion for defense. The bill will benefit military personnel and emerging technologies like blockchain or distributed ledgers.
Biden Signs a $770 Billion Defense Bill for Emerging Technologies.
The US is proceeding with its crypto adoption push in various ways. Two days ago, it announced that President Joe Biden had signed the NDAA bill into law. The bill includes the budget for the military personnel and touches on developing a health strategy for them that will use blockchain technology.
President signed the bill on Monday to support the fiscal year that began on October 1 to end next September. The bill had previously received quite impressive support from lawmakers of both political parties. It commands the Secretary of Defense to come up with a way of incorporating new technologies like blockchains by April 1, 2022.
After signing the bill, the President said that its contents enhance access to justice for military personnel and their loved ones. He also added that it contains critical authority to support America’s National Defense.
What Is The NDAA Bill?
The NDAA is one of the latest bills signed into law by President Joe Biden. It contains information regarding the Country’s military and emerging technologies. The lawmakers from both Republicans and Democrats greatly supported the NDAA during voting sessions.
Multiple industries closely watch this bill since it’s among the few bills that become law each year while touching on broad aspects of the economy. The NDAA has been signed into law for the last six subsequent years. This iteration authorizes spending of 5% more on the military than the previous year, a compromise after lengthy discussions between the House and the Senate lawmakers.
It also commands a 2.7% pay increase for the troops and more military equipment purchases and dealing with Geopolitical threats like China and Russia. This year’s iteration of the NDAA also addresses $300 million to fund the Ukraine Security Assistance Initiative. It also has a $4 billion budget to support the European Defense Initiative and another $150 Million for the Baltic Security Cooperation.
It also discusses the Guantanamo Bay detainees by criticizing the bill prohibiting the government from transferring them. Biden targets to close this prison before his tenure, but it will take time as the previous laws still hold back his government.
Away from the military budget, this bill also addresses blockchain technology. It provides that the Country conducts ‘digital talent’ hires to develop distributed ledger solutions. It directs the secretary of defense to get a ‘Chief Digital Recruiting Officer’ with resources to hire a team to develop those solutions.
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