The advocacy group said that the bill would violate the First Amendment.
The bipartisan legislation introduced earlier this week – titled the Crypto-Asset National Security Enhancement Act – that seeks to regulate the decentralized finance sector has caused quite a stir. Cypto advocacy groups are voicing objection to the bill arguing that such an approach would stifle innovation in the United States.
‘While we appreciate the Senators’ desire to combat the abuse of crypto protocols by criminal and enemy actors, the bill unfortunately also would make the development of such protocols in the U.S. and by U.S. persons unfeasible. Worse, the bill would be unconstitutional legislation as it would clearly violate the First Amendment.”
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