US Congress Held First Hearing on Decentralized Finance

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by Giorgi Kostiuk

2 years ago

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  1. Introduction
  2. Main Discussions
  3. After the Hearing


    4. On September 10, the House Financial Services Committee held the first-ever hearing on decentralized finance (DeFi) to explore emerging topics such as tokenization and the use of blockchains in finance.

    Introduction

    The nearly two-and-a-half-hour hearing highlighted the disunity between Republicans and Democrats over the technology. Republican subcommittee chair French Hill opened the hearing by stating, “Substituting intermediaries for autonomous, self-executing code, decentralized finance can shift the way the financial markets and transactions are currently structured and governed.”

    Main Discussions

    Republicans supported DeFi, emphasizing its potential to create an intermediary-free financial system. Democrats, like Brad Sherman, expressed concerns that DeFi is used for tax evasion and crimes. Coin Center’s director of research, Peter Van Valkenburgh, argued that regulators have not provided the crypto industry with enough guidance to comply with laws.

    I do not, however, think that tax evasion and its existence warrants a 100% surveilled and controlled financial system.Peter Van Valkenburgh

    After the Hearing

    During the hearing, lawmakers heard from five witnesses on both sides of the digital divide regarding crypto and DeFi. Among them was Amanda Tuminelli from the DeFi Education Fund, who noted that traditional finance often denies access for discriminatory reasons. She stated that DeFi provides access to anyone with an internet connection, which is the epitome of financial inclusion.

    The first Congressional hearing on DeFi showed that US lawmakers have differing views on the challenges and opportunities posed by this new technology. Further discussions are expected to help shape the future regulation of this sector.

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