tldr; Democratic US senators have proposed a countermeasure that could place decentralized finance (DeFi) protocols on a ‘restricted list’ if deemed too risky, sparking criticism. The proposal includes imposing Know Your Customer rules on crypto app frontends and removing protections for developers. Critics argue it could stifle DeFi innovation, push it offshore, and undermine bipartisan efforts like the CLARITY Act. The proposal has been described as heavy-handed and potentially unconstitutional, raising concerns about its impact on the US crypto industry.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
CymandeTV on
Who wants a KYC in DeFi?
!tip 1
Odd-Radio-8500 on
That’s like forcing decentralization to play by centralized rules.
3 Comments
tldr; Democratic US senators have proposed a countermeasure that could place decentralized finance (DeFi) protocols on a ‘restricted list’ if deemed too risky, sparking criticism. The proposal includes imposing Know Your Customer rules on crypto app frontends and removing protections for developers. Critics argue it could stifle DeFi innovation, push it offshore, and undermine bipartisan efforts like the CLARITY Act. The proposal has been described as heavy-handed and potentially unconstitutional, raising concerns about its impact on the US crypto industry.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Who wants a KYC in DeFi?
!tip 1
That’s like forcing decentralization to play by centralized rules.
^(!tip 1)