PANews reported on August 2nd that according to The Block, the DeFi Education Fund (DEF) submitted a letter urging the Senate Banking Committee to carefully consider how to regulate DeFi and establish a dedicated regulatory framework for DeFi. It emphasized that legislation should follow four key objectives: distinguishing DeFi developers from centralized intermediaries; clearly defining which intermediaries need to register with the government; determining standards for assessing protocol decentralization; and maintaining technologically neutral regulation.
The DEF letter was co-signed by a16z crypto, Jito Labs, Jump Crypto, Paradigm, Multicoin Capital, Solana Policy Institute, Uniswap Foundation, Uniswap Labs, and Variant Fund. The committee is discussing the draft Responsible Financial Innovation Act (RFIA) for 2025, which is an updated version of cryptocurrency market legislation reviewed by the Senate in June 2022. The committee is seeking public input on the draft bill, aiming to "ensure the bill effectively builds on the solid foundation laid by the CLARITY Act, encouraging US innovation while not jeopardizing financial stability or harming consumer interests".
