US House Dems, Republicans Differ on Crypto at DeFi Hearing
CryptoNewsTerminal Staff10 Sep, 2024
US House Dems, Republicans Differ on Crypto at DeFi Hearing
On Wednesday, at a House Financial Services Committee hearing on decentralized finance (DeFi), Democrats and Republicans on the panel expressed starkly different views on cryptocurrency. Rep. Brad Sherman (D-Calif.) criticized DeFi as being used primarily for crime, sanctions evasion, and tax avoidance, while fellow Democrat Maxine Waters (D-Calif.) denounced cryptocurrency projects involving the family of Donald Trump. In contrast, the panel’s ranking Republican, Rep. French Hill (R-Ark.), said that “DeFi has the ability to fundamentally change the structure of our financial markets and the way that we transact,” and Amanda Tuminelli, chief legal officer of crypto lobbying group DeFi Education Fund, countered that “DeFi is an open platform that serves as the epitome of financial inclusion.”
