{"database": "press", "table": "releases", "rows": [["https://davidson.house.gov/2024/9/rep-warren-davidson-introduces-the-evaluating-defi-opportunities-ac", "Rep. Warren Davidson Introduces The Evaluating DeFi Opportunities Ac", "2024-09-24", "2024", "2024-09", "Republican", "House", "OH", "Warren Davidson", "D000626", "davidson.house.gov", "davidson", "https://davidson.house.gov/press-releases", "scraper", "WASHINGTON, D.C.\u2014 Rep. Warren Davidson (R-OH) today introduced the Evaluating DeFi Opportunities Act. This legislation requires the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Secretary of the Treasury to jointly produce a study on decentralized finance.\n\n\u201cDecentralized finance is essential to the future of capital markets. Sadly, the Biden-Harris administration is trying to regulated DeFi out of existence without understanding the risks or benefits,\" said Rep. Davidson (R-OH). \"This legislation guarantees that data-driven financial regulations could be implemented by the federal government without interfering with the development of digital markets or jeopardizing the user privacy that DeFi provides.\"\n\nBackground:\n\nDeFi has grown dramatically in the past four years as more Americans have become more sensitive about their financial privacy. With a fast and growing increase in users, the DeFi market\u2019s total capitalization is now estimated at approximately $75 billion dollars.\n\nDespite the growth and the benefits it has brought, DeFi is facing significant challenges. The Biden-Harris Administration has been actively working to overregulate the industry, particularly by targeting the self-custody by proposing substantive information-collecting requirements on DeFi protocol developers.\n\nThese unworkable requirements would essentially do away with the DeFi market in the United States by dis-incentivizing innovators and driving investment overseas. Its imperative that regulators understand the benefits and take a carefully measured approach towards regulating this nascent industry.\n\nThis study will help explore, develop, and ensure we understand DeFi better tomorrow than we did today. The benefits of decentralized finance include:\n\nOperational resilience and availability of blockchain systems.\n\nInteroperability of blockchain systems.\n\nMarket competition and innovation.\n\nTransaction efficiency.\n\nPrivacy of user data.\n\nAffordability for users.", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://davidson.house.gov/2024/9/rep-warren-davidson-introduces-the-evaluating-defi-opportunities-ac"], "units": {}, "query_ms": 1.8437700346112251, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}