The growing interest in cryptocurrencies necessitates the establishment of a legal framework. For greater adaptation and institutional attention, the rules of the game need to be clear.
However, we have seen that almost all of the legal texts discussed to date contain regulations that hinder innovation and go against the spirit of cryptocurrencies. Regulators, who do not understand that cryptocurrencies cannot be regulated from the traditional point of view, are insistent on this issue, but it seems unlikely that they will win in the end.
Coindesk said that it saw a new bill prepared by the US Senate and shared some of the rules in the bill with its readers.
Decentralized finance (DeFi) protocols will have to apply bank-like rules to their users, according to the 2023 date that Coindesk reached and the bill called the Crypto Asset National Security Enhancement Act.
In the summary section of the bill, it is emphasized that these rules are critical for the fight against crypto crimes, preventing money laundering, and the national security of the United States.
The bill aims to impose various obligations on other applications that control or use the DeFi protocol.
According to the document, if a DeFi protocol is not controlled by anyone, then anyone who has invested more than $25 million in the development of the protocol will be liable for these obligations.
Bank-like obligations include collecting information about the customer using the protocol, maintaining the know-your-customer and anti-money laundering protocols, reporting suspicious transactions, and preventing sanctioned people from using the protocol. People using decentralized protocols will need to verify their identities in order to meet the bill's obligations.
It was stated that this bill was presented today by Senator Jack Reed, Member of the Senate Banking Committee.
