US Congress Tackles DeFi—What’s The White House’s Position?
The post US Congress Tackles DeFi—What’s The White House’s Position? appeared on BitcoinEthereumNews.com.
On September 11, 2024, the world’s first-ever Congressional hearing dedicated solely to DeFi, entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance”, was called by Congressman French Hill, R-AR. The hearing was intended to understand the evolving world of DeFi and how it may affect the financial ecosystem. DeFi: Overview Of Hearing Those advocating for support of DeFi called on the commission to keep away from overregulation that could hamper innovation in the nascent digital assets space. Two of the key DeFi proponents — Amanda Tuminelli of the DeFi Education Fund and Peter Van Valkenburgh of Coin Center — urged for a robust regulatory framework intended to enable, rather than completely suppress, innovation. Against claims that DeFi is going to enable tax evasion and other criminal enterprises, Van Valkenburgh argued that blockchain technology is so transparent that people can’t use it for a lot of ill-getting activities. Tomorrow is the first ever Congressional hearing on DeFi and it’s going to be 🔥 DeFi is the future of finance and it’s about time for Congress to start formally educating itself on how this tech will change the world. Watch here tomorrow at 10 am ET:https://t.co/0WEI75baD4 — Jake Chervinsky (@jchervinsky) September 9, 2024 The hearing even exposed deep partisan divides among the lawmakers of both Republicans and Democrats. Whereas the Republicans were largely supportive of lighter regulations, Democrats, through luminaries like Rep. Bill Foster, did raise apprehensions regarding the possible use of DeFi for criminal acts. Among others, Foster suggested that builders of DeFi projects should be culpable when these technologies are exploited for nefarious means, while in contrast, tighter AML controls are required. Mixed Signals From The Biden Administration The hearing came amid mixed signals from the Biden administration over its views on DeFi. While some actions — including Treasury…
Filed under: News - @ September 11, 2024 11:20 am