releases: https://davidson.house.gov/2024/9/rep-warren-davidson-introduces-the-evaluating-defi-opportunities-ac
Data license: MIT · Data source: dwillis/congress-press
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| 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.— 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. “Decentralized 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." Background: DeFi 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’s total capitalization is now estimated at approximately $75 billion dollars. Despite 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. These 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. This study will help explore, develop, and ensure we understand DeFi better tomorrow than we did today. The benefits of decentralized finance include: Operational resilience and availability of blockchain systems. Interoperability of blockchain systems. Market competition and innovation. Transaction efficiency. Privacy of user data. Affordability for users. | 1 | 2026-03-30T01:40:41Z | 2026-04-07T21:43:57Z |