US House Committee Holds Hearing On Future Of Decentralized Finance

According to Foresight News, the U.S. House Financial Services Committee held a hearing on September 10 titled 'Decoding DeFi: Exploring the Future of Decentralized Finance.' The hearing aimed to discuss emerging topics such as tokenization and the use of blockchain in the financial sector. The session revealed a clear divide between Republican and Democratic lawmakers on the issue. Republican Subcommittee Chairman French Hill expressed optimism about decentralized finance, suggesting it could transform the current structure and governance of financial markets and transactions. On the other hand, Democratic Representative Brad Sherman and other critics of cryptocurrency argued that DeFi is primarily used for criminal activities, sanction evasion, and tax avoidance.