During a U.S. House Finance Services Committee hearing on decentralized finance (DeFi), proponents of the sector spoke out against stringent regulations that would impede innovation. Skeptics argued that DeFi developers should be held responsible for criminal uses of blockchain technology. The proposed regulations aimed to crack down on anti-money laundering and increase surveillance on web3 users, with the Treasury suggested as the agency to enforce stricter rules. Coin Center research director Peter Van Valkenburgh argued against the claim that blockchain is a tool for tax evasion, stating that the public and decentralized nature of blockchain makes it difficult for regulators to be evaded. Despite the historically negative views of U.S. policymakers towards the cryptocurrency industry, the conversation around DeFi has gained traction in Congress, as well as with major financial players like BlackRock. Coinbase CLO Paul Grewal expressed confidence that the U.S. would elect a pro-crypto Senate, regardless of the outcome of the presidential elections. The crypto industry has a complicated relationship with both Donald Trump and Kamala Harris, with the former promising support for the industry and the latter engaging with industry leaders, but with her stance and policy approach leaving room for speculation.
- Content Editor ( crypto.news )
- 2024-09-10
DeFi is a 1st Amendment right, expert says at hearing