The proposed legislation aims to establish clearer protocols for American cryptocurrency exchanges to undergo registration with regulatory bodies.
On Friday, the Office of Foreign Assets Control (OFAC) revealed that an Irish citizen played a role in assisting affluent Russians in evading sanctions and concealing funds in the United Arab Emirates (UAE).
CoinDesk has made efforts to contact both Binance and the Justice Department in order to obtain their respective comments.
The U.S. Treasury Department and the French central bank have issued reports analyzing the potential risks associated with DeFi and proposing measures to address them.