Jack Reed: “today I am introducing the Crypto Asset National Security Enhancement and Enforcement, CANSEE, Act along with Senators…”

“today I am introducing the Crypto Asset National Security Enhancement and Enforcement, CANSEE, Act along with Senators Rounds, Warner, and Romney. This bipartisan bill will close concerning gaps in the anti-money laundering, AML, and sanctions frameworks for cryptocurrency, most importantly decentralized finance, DeFi, and virtual currency kiosks. Decentralized finance or ``DeFi'' refers to cryptocurrency protocols and applications that purport to allow automated peer-to-peer transactions using blockchain technology. DeFi enables users to transact and trade cryptocurrency without requiring a traditional financial institution to broker trades, clear and settle transactions, or custody assets. Criminal syndicates, fraudsters, ransomware hackers, and rogue states have been quick to recognize how DeFi can be exploited to advance their nefarious activities. By design, DeFi provides anonymity allowing malicious and criminal actors to evade traditional tools that the government uses to enforce the AML and sanctions laws. According to the U.S.…”