The U.S. Senate is preparing to pass a new encryption regulatory bill to impose anti-money laundering requirements on DeFi protocols

According to CoinDesk, the U.S. Senate is preparing to pass a new encryption regulatory bill to impose anti-money laundering requirements on DeFi protocols. The proposal, called the "Crypto-Asset National Security Enhancement Act of 2023," requires DeFi protocols to implement bank-like regulatory controls on their users, aiming to combat crypto crime and close money laundering channels. The bill requires that anyone who invests more than $25 million to develop a DeFi protocol without an actual controller must be held responsible.