Coin Center and Blockchain Association slam ‘unworkable’ US Senate DeFi bill
Coin Center said the bill was unconstitutional, while the Blockchain Association called it incompatible with blockchain technology. Crypto industry advocacy bodies have slammed a newly proposed United States Senate bill for what they say is a confused approach to regulating the decentralized finance (DeFi) sector. On July 20, crypto think tank Coin Center and crypto advocacy group the Blockchain Association released separate statements describing the legislation as a “messy," " unworkable ," and "unconstitutional” way of regulating DeFi. Introduced on July 18, the bipartisan Crypto-Asset National Security Enhancement Act (CANSEE) bill aims to reign in money laundering violations in DeFi. If passed, the legislation would extend new penalties to anyone who “controls” or “makes available an application designed to facilitate transactions using a digital asset protocol.” They would also be required to adhere to anti-money laundering and financial reporting standards. T...