US to Consider Two New Crypto Bills

Two new legislative initiatives for the crypto industry were introduced in the United States last week. Senator Jack Reed introduced a bipartisan crypto bill – the Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act – which would require decentralised finance (DeFi) service providers to comply with the same Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and economic sanctions requirements as other financial companies, including centralised crypto trading platforms, casinos and pawn shops. The second crypto bill – the Financial Innovation and Technology for the 21st Century Act – was introduced by the Republican House Agriculture and House Financial Services Committee members and would give the Commodity Futures Trading Commission (CFTC) jurisdiction over digital commodities. It also clarifies the authority of the Securities and Exchange Commission (SEC), and creates a process for digital assets initially deemed to be securities to be sold as commodities.