A new U.S. Senate bill aims to tighten regulations on DeFi protocols. The legislation would impose bank-like controls on DeFi users, reflecting a major step toward heightened oversight of the crypto industry.
The U.S. Senate is poised to take another crack at regulating the crypto industry with a new bill that would place stringent anti-money laundering requirements on decentralized finance protocols.
The bill intends “to fight the rise in crypto-facilitated crime and close off avenues for the evasion of money laundering and sanctions measures that are critical to our national security,” the briefing doc read. The bill envisions sidestepping these issues by placing requirements on “anyone who ‘controls’ a DeFi protocol or makes available an application to use the protocol,” likely a reference to groups who build user-friendly frontends for protocols’ otherwise cumbersome smart contracts, as Uniswap Labs does for Ethereum’s top decentralized exchange.
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