Dodd Frank continues to be actually ruining the crypto trade and holding US citizen banned from issues formally, they usually need to double down to allow them to terroristically implement protocol layer censorship & KYC on international groups/jurisdictions similar to Bitmex.
once more it is virtually unattainable to elucidate legislation to crypto reddit. Learn, reread what Jake mentioned. The purpose of the Legislation that the committee launched is to *reenforce what’s in Dodd Frank already* and the legislation in that’s *why they have been in a position to implement Bitmex, Deribit, Huobi, OKex, Binance and FTX to do obligatory KYC as well off US residents*
They’re increasing that authority on this invoice to implement obligatory KYC on DeFi, they’re simply going to see what they’ll get away with. However it’s clear that they need to impose base layer censorship on ethereum and prosecute international groups in international nation who develop DeFi for failing to make use of KYC to ban US residents. They did this with Bitmex.