More potential regulation, but where’s the clarity?
United States Sen. Jack Reed sponsored a bipartisan bill introduced into the Senate on July 18 that would tighten Know Your Customer and Anti-Money Laundering regulations and sanctions requirements for decentralized finance . According to a news release on Reed’s website, the bill isThe bill would subject DeFi operations to the same requirements as “other financial companies, including centralized crypto trading platforms, casinos, and even pawn shops.
“If nobody controls a DeFi service, then — as a backstop — anyone who invests more than $25 million in developing the project will be responsible for these obligations.” The bill would also “modernize” Treasury Department AML powers by extending them beyond the traditional financial system. According to the statement:
“As new technologies like cryptocurrency increasingly enable new ways to conduct financial transactions, it is critical to extend Treasury’s authority to crack down on illicit financial activity that may occur outside the banking sector.” The bill also set new requirements for operators of crypto kiosks to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.
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