The US Congress held its first hearing on DeFi, with differing opinions among members of various parties.

The United States Congress held its first hearing on decentralized finance ($DeFi), with Republican and Democratic lawmakers showing clear differences on the issue. The hearing, hosted by the House Financial Services Committee, was themed 'Decoding DeFi: Analyzing the Future of Decentralized Finance' and aimed to explore emerging topics such as tokenization and the application of blockchain in the financial sector. Democratic lawmaker Brad Sherman strongly criticized $DeFi, stating that it is mainly used for crime, sanctions evasion, and tax avoidance. Democratic representative Maxine Waters mentioned the hacking of Laura and Tiffany Trump's X accounts, which were used to promote fraudulent tokens related to the Trump family's $DeFi project 'World Liberty Financial'. She questioned whether regulatory agencies such as the SEC and CFTC have the capability to deal with $DeFi platforms and 'entities claiming decentralization to evade regulation engaging in large-scale non-compliant activities'. In contrast, Amanda Tuminelli, Chief Legal Officer of the $DeFi Education Fund, emphasized the openness and inclusivity of DeFi. The two-and-a-half-hour hearing highlighted the significant differences among US lawmakers on $DeFi technology issues and reflected the challenges faced by regulatory agencies. Cryptocurrency lawyer Jake Chervinsky commented on social media, 'A few years ago, $DeFi had only ten projects, and no one thought it would achieve anything. Now it is being fully showcased in the halls of power in Washington.' (Cointelegraph)