CoinCenter and other crypto advocacy groups have criticized a Senate bill that would impose strict regulations on individuals involved in decentralized finance (DeFi).

The bill in question is titled the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE). If put into law, it would make DeFi platform operators and major stakeholders responsible for illegal uses of their platforms.

That bipartisan bill was introduced on July 19 by Democratic senators Jack Reed and Mark Warner and Republican senators Mike Rounds and Mitt Romney.

Now, CoinCenter and its executive director Jerry Brito have criticized the proposal as “messy, arbitrary, and unconstitutional” in a July 20 statement.

CoinCenter warned that the bill would extend sanctions penalties and Bank Secrecy Act (BSA) …