[News] Bipartisan bill to regulate DeFi

July 25, 2023

Dear Reader,

Well, you can't blame them.

Scam after scam.

One lie bigger than the next.

Billions lost by consumers worldwide.

Tightening of regulations was bound to happen.

Now a bipartisan bill takes aim at DeFi.

The bill — known as the CANSEE Act — was introduced into the Senate on July 18.

If passed, it will tighten Know Your Customer and Anti-Money Laundering regulations and force Defi companies to comply with the same requirements as other financial institutions.

Even crypto kiosks and ATM operators will be required to "verify the identities of both counterparties in a transaction."

So the bill is far-reaching and meant to widen control by regulators.

Which is why Crypto Twitter has condemned it.

Some are calling it "an existential threat to DeFi" and a "nonstarter."

We'll see if it even passes.

For now, the DeFi world is sitting on pins and needles.

How will this affect crypto investors?

We don't know.

What we do know is that investors have bigger fish to fry.

Like where to find great coins to invest in and trade right before they pop.

Cointelegraph Markets Pro offers a great solution.

Regards,

Russell DeCorte
Director
Markets Pro