Key Notes

A new DeFi proposal by Senate Democrats has stalled bipartisan crypto legislative talks.

Industry leaders, including Coinbase CEO Brian Armstrong, criticize the proposal as a 'crypto ban'.

The proposal aims to regulate DeFi front-ends and developers, and create a 'restricted list' for protocols.

A new decentralized finance (DeFi) proposal from Senate Democrats has sparked widespread industry criticism and stalled bipartisan talks on a comprehensive crypto market structure bill. Critics argue the plan would effectively ban DeFi in the US by requiring KYC for non-custodial wallets, designating developers as financial intermediaries, and giving the Treasury unchecked power to create a “restricted list” of protocols.

Coinbase CEO Brian Armstrong condemned the proposal on Oct.

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