Security

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<p style="text-align: justify;">US Senator Jack Reed has sponsored a bill that aims to tighten the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, as well as the sanction requirements for decentralized finance (<a href="https://en.coin-turk.com/arbitrum-based-defi-protocol-rodeo-finance-falls-victim-to-cyberattack/" data-wpel-link="internal" rel="noopener noreferrer nofollow">DeFi</a>), which was introduced to the Senate on July 18th.</p> 
<h2 id="crypto-law">Crypto Law!</h2> 
<p style="text-align: justify;">According to an article published on Reed’s website, the bill is called the <a href="https://en.coin-turk.com/bitcoin-navigates-turbulent-waters-the-first-monthly-loss-after-four-months-and-the-promise-of-blockchain-activity/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Asset National Security and Enforcement (CANSEE) Act. The bill would subject DeFi operations to the same requirements as “other financial companies, including centralized crypto trading platforms.” The bill would hold “anyone controlling the project” responsible for the use of DeFi services by sanctioned individuals. Reed stated the following regarding the matter:</p> 
<blockquote> 
 <p style="text-align: justify;">If no one is in control of a DeFi service, then anyone who invests more than $25 million as backing for the project will be responsible for these obligations.</p> 
</blockquote> 
<p style="text-align: justify;">The bill would also “modernize” the Treasury Department’s AML authorities by expanding them beyond the traditional financial system. According to the statement:</p> 
<blockquote> 
 <p style="text-align: justify;">New technologies like cryptocurrency have increasingly provided new methods for conducting financial transactions, making it critical for the Treasury to expand its authority to prevent illegal financial activities outside the banking sector.</p> 
</blockquote> 
<p><img decoding="async" class="aligncenter size-full wp-image-238373" src="https://coin-turk.com/wp-content/uploads/2023/07/kanun.png" alt="" width="505" height="354"></p> 
<h2 id="crackdown-on-money-laundering">Crackdown on Money Laundering!</h2> 
<p style="text-align: justify;">The bill also establishes new requirements for crypto kiosk operators to prevent their use in money laundering. Kiosk operators will be required to verify the identities of both parties in a transaction. The bill was not yet published at the time of writing.</p> 
<p style="text-align: justify;">A staff member of Reed’s office could not provide information on when the bill will be published. A text claiming to be the bill was published on GitHub. Crypto Twitter wasted no time in condemning the bill.</p> 
<h5>The post <a href="https://en.coin-turk.com/new-legislation-proposed-by-us-senator-to-tighten-crypto-regulations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">New Legislation Proposed by US Senator to Tighten Crypto Regulations</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS.</a></h5>

New Legislation Proposed by US Senator to Tighten Crypto Regulations

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