First DeFi Hearing Ends With US Lawmakers Divided 🇺🇸
🔹 The U.S. House Financial Services Committee held its first hearing on DeFi, and it quickly revealed a clear partisan divide. Here are the highlights:
🔔 Republicans, like Subcommittee Chairman French Hill (R-ARK), were bullish on how blockchain and smart contracts can increase personal freedom and improve financial services.
🔔 Democrats, led by Rep. Brad Sherman (D-Cali.), were more skeptical, with Sherman calling DeFi an attempt to “free billionaires from income taxes.” He called for a complete ban on cryptocurrencies.
🔔 Rep. Maxine Waters (D-Cali.) also criticized DeFi, citing potential risks of hacks, scams, and conflicts of interest, and raised concerns about Eric Trump’s new DeFi project, World Liberty Finance.
🔍 Despite the opposition, industry representatives, such as Peter Van Valkenburgh (CoinCenter), defended DeFi and opposed excessive financial oversight. Jake Chervinsky (DeFi Education Fund) hailed the hearing as a milestone, reflecting DeFi’s growing influence in American politics.
⏩ This hearing marks a major step forward for DeFi, from the fringes to the main stage in Washington, D.C.
