Final week noticed two new legislative initiatives for the US cryptocurrency trade. Senator Jack Reed has proposed a bipartisan invoice that tightens know-your-customer (KYC) and anti-money laundering (AML) rules and sanctions necessities for decentralized finance (DeFi).bill Topic to DeFi operation Topic to the identical necessities as “different monetary firms, together with centralized cryptocurrency buying and selling platforms, casinos and even pawn retailers.”

two Main cryptocurrency foyer group slammed Legislation: Coin Heart and Blockchain Affiliation. The previous issued separate statements describing the invoice as a “messy,” “impractical,” and “unconstitutional” means of regulating DeFi. Blockchain Affiliation CEO Christine Smith additionally echoed Coincentre’s considerations, saying the brand new legislation could be redundant. Smith mentioned federal legislation enforcement already has the instruments and experience to handle this “comparatively small however vital drawback.”

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