Bipartisan invoice to manage DeFi, crypto safety dangers launched into US Senate

United States Sen. Jack Reed sponsored a bipartisan invoice launched into the Senate on July 18 that may tighten Know Your Buyer (KYC) and Anti-Cash Laundering (AML) rules and sanctions necessities for decentralized finance (DeFi). In response to a information launch on Reed’s web site, the invoice is titled the Crypto-Asset Nationwide Safety Enhancement and Enforcement (CANSEE) Act.

The invoice would topic DeFi operations to the identical necessities as “different monetary firms, together with centralized crypto buying and selling platforms, casinos, and even pawn retailers.” The invoice would make “anybody who controls that challenge” chargeable for the usage of the DeFi service by sanctioned individuals. Moreover:

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