- DeFi Gets the Spotlight
- A Clash of Perspectives on DeFi
- Crypto Left Out of the Presidential Debate Spotlight
- What to Expect Next?
The first-ever Congressional discussion on DeFi saw lawmakers debate its prospects and risks. Meanwhile, Donald Trump's silence raises questions about his stance on cryptocurrencies.
DeFi Gets the Spotlight
On September 10, the first-ever Congressional hearing on decentralized finance (DeFi) took place, marking an important milestone for this technology. The discussion lasted nearly two and a half hours and was led by Congressman French Hill. Lawmakers debated both the potential benefits and risks that DeFi could introduce to the financial system. Hill and his supporters see DeFi as a way to eliminate intermediaries and transform financial markets. However, Democrats are concerned about the potential misuse of DeFi, particularly in criminal activities.
A Clash of Perspectives on DeFi
Congressman Brad Sherman criticized DeFi for potentially enabling tax evasion, especially for the ultra-wealthy. On the other hand, Peter Van Valkenburgh from Coin Center noted that decentralized ledgers make it harder for tax evaders to hide. He also highlighted the lack of clear tax guidance from the IRS. Other participants emphasized the need to regulate DeFi to protect investors.
Crypto Left Out of the Presidential Debate Spotlight
On September 10, during the debates between Kamala Harris and Donald Trump, the topic of cryptocurrencies and blockchain was entirely omitted. Despite Trump's well-known support for cryptocurrencies, the discussion focused on traditional economic issues. Following the debate, the prices of Bitcoin and Ethereum saw a slight drop. A CNN poll showed that most viewers thought Harris outperformed Trump. The next step could be a third debate where cryptocurrencies may get more attention.
What to Expect Next?
During the Biden administration, Democrats have been consistently skeptical of cryptocurrencies, emphasizing the risks and calling for tighter regulation. Vice President Kamala Harris has yet to speak on the issue. Donald Trump, who was once strongly opposed to cryptocurrencies, has shown more openness in recent months. However, his silence in recent debates raises questions. The future of crypto and DeFi in the U.S. remains uncertain, and how the next administration handles it could profoundly affect innovation and regulation in the financial sector.
The future of the crypto and DeFi space in the U.S. remains uncertain. As the election approaches, the next administration's approach could significantly impact financial innovation and regulation.
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