DeFi protocols must introduce strict AML– Control over your users. This stems from a bipartisan bill proposed by a group of senators.
It was sponsored by Banking Committee members J. Jack Reed and Mike Rounds, as well as Mitt Romney and Mark Warner.
The Cryptocurrency National Security Enhancement Act aims to “combat the rise in crime associated with the use of digital assets, as well as eliminate opportunities for avoiding AML and sanctions measures that are critical to national security.”
The bill provides requirements for “anyone who controls” the DeFi protocol or provides access to it [через интерфейс]. In the absence of such persons, liability extends to those who have invested at least $25 million in the development of the project.
These regulatory authorities are required to verify and collect information about users, maintain AML programs, report suspicious activities to the authorities, and block the use of the protocol by sanctioned individuals and organizations.
The bill will establish requirements for identity verification in cryptomats.
The document also provides for the expansion of the powers of the Ministry of Finance to deal with violators in the industry.
In September 2022, in the framework for regulating the digital asset industry, the White House directed that by July 2023, the risk assessment associated with the DeFi sector should be completed. SEC And CFTC also recommended to pay increased attention to the direction.
In March 2023, in the annual economic report of the President of the United States to Congress, experts noted serious risks dapps for investors and the financial system as a whole due to the use of leverage and the performance of supervisory functions without complying with the relevant regulations.”
Recall that in May, CFTC Chairman Rostin Benham said that DEXs would be regulated by his agency or the SEC, even if the platforms operate autonomously or with minimal human involvement.
In June, the head of the SEC, Gary Gensler, called the crypto industry a complete fraud, referring to the securities market of the 1920s before the introduction of regulation. He noted that this also applies to DeFi service providers.
.