DeFi Hearing held at US Congress

     Decentralized finance (DeFi) is a technology that is revolutionizing the crypto industry along with economic freedom. On September 10, 2024, the first hearing on DeFi was held in the US Congress.

A Heated Debate between Democrats and Republicans 

     The entire hearing was less about the development of DeFi and more about the dispute between Democrats and Republicans over control over it. Politicians would not want to lose control by giving people economic freedom, but their dispute may provide some relief to the public.

• The Democrats on DeFi: Democrat lawmakers opposed economic freedom and asked for strict regulations on the pretext of protection of investors, consumers and risks.

• The Republicans on DeFi: Republicans, considering DeFi innovative, were in favor of creating a more acceptable environment with pro-crypto regulations.

My point on US DeFi sector 

     Any regulation that is implemented by lawmakers, will not be effective on DeFi just like that, Democrats do not have technical knowledge; only technical rules can work on DeFi; Republicans know far better, so they are in favor of making rules, but such that do not go against the technology of DeFi, because doing so will only harm the US-based industry.  

Originally published at Grill, and on Wubits as thread.