U.S. Senate Proposes Bill to Regulate Crypto Industry with Stricter Measures on DeFi Protocols

U.S. Senate Proposes Bill to Regulate Crypto Industry with Stricter Measures on DeFi Protocols



The U.S. Senate is once again preparing to address the regulation of the crypto industry with a new bill. The proposed Crypto-Asset National Security Enhancement Act of 2023 has received support from both sides of the aisle and aims to impose strict anti-money laundering (AML) measures on decentralized finance (DeFi) protocols. The objective is to require these protocols to implement banking-like controls for their users.



DeFi protocols are decentralized applications that enable users to engage in crypto borrowing, lending, and trading through smart contracts on permissionless blockchains. Due to their unique nature, they pose a regulatory challenge.



However, the new bill, released on July 18, aims to tackle these concerns by placing obligations on entities that exert control over DeFi protocols or offer user-friendly interfaces


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#Adoption, #Altcoin, #Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #DeFi, #Ethereum, #News, #Regulations, #Senate

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