It’s no secret. The Bank Secrecy Act (BSA) has been a mainstay of policy debates around crypto more broadly in the United States.

That is why DEF’s Lizandro Pieper and Gavin Zavatone decided to do a deep dive 🧵 👇 

https://www.defieducationfund.org/_files/ugd/84ba66_a568e222f78048e2a8625abb76d3b0fc.pdf

2/ The BSA, a law from the 1970s that is a central instrument in government surveillance of American financial transactions, had no way of foreseeing the rise of the internet and the ability to transact without traditional intermediaries.

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4/ Furthermore, the paper argues why it is necessary for Congress to step in and clarify that the BSA is not applicable across the blockchain technology stack and enact something into law in the spirit of Rep. Emmer's Blockchain Regulatory Certainty Act and Rep. Davidson's KYC Act.

https://www.congress.gov/bill/118th-congress/house-bill/1747

https://www.congress.gov/bill/118th-congress/house-bill/4841/text#:~:text=To%20prohibit%20Federal%20agencies%20from,use%2C%20and%20for%20other%20purposes

end/ As we approach the beginning of a new Congress, establishing certainty around this core issue for DeFi developers and users will remain a core focus of DEF.

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3/ In this new paper, DEF investigates the history and design of the BSA, its application to crypto, and explains why software providers and operators across the technology stack are not subject to the BSA.