Senate Democrats' DeFi regulation bill faces criticism: it's a disguised "crypto ban" and lacks legislative sincerity

The six-page proposal proposes that the U.S. Treasury Department and financial regulators define what constitutes "control/influence" and determine whether the protocol is "sufficiently decentralized"; individuals/institutions that "design, deploy, control, and operate the front end" or "obtain substantial benefits from the DeFi protocol" will be identified as "intermediaries."