DeFi Education Fund’s Post

DEF exists to explain DeFi to policymakers, regulators and other decision makers and advocate for policies that are welcoming of decentralized financial infrastructure. In the midst of ongoing debates that have the potential to impact the future of DeFi, we’re going to update the community about these ongoing discussions & what we are doing to protect DeFi’s immense potential. On May 8th at 12pm via an X Space, DEF will host our first ever “State of the Union.” The State of the Union will cover the latest in the policy, regulatory, and legal realms and provide an opportunity for the community to ask questions via the form at the link below. We cannot afford to lose sight of the larger picture. While talking heads in the crypto ecosystem might be all doom and gloom, we remain hopeful that we can achieve success and we hope you will tune in to hear the latest. Link to X Space: https://lnkd.in/dKgDcQr5 Link to Question Submission Form: https://lnkd.in/dWe83PVB

INTERESTING NEWS - What next as SEC chair maintains his tough stance on crypto - https://lnkd.in/gFj6Gfqg Sharing latest web3 news from credible sources all in one place. View them on AsiaTokenFund

Covered in our latest newsletter: 1. Moves & news: Financial innovation & technology for the 21st century 2. Op-ed: It’s time to move crypto from chaos to order (in Fortune) 3. Resources: 17 misconceptions about SNARKs — and why they hold us back 🗞 Check it out here: https://lnkd.in/gQCntcYy

Crypto on the Hill: Future of the FIT21 Act after House vote - Yahoo Finance: ... crypto legislation and what it may mean for digital assets as a whole. For more expert insight and the latest market action, click here to watch ...

Explore the turbulent relationship between the SEC and crypto. From Gensler's firm stance to the actions of his predecessors, our deep dive unveils the evolution of crypto regulation. https://lnkd.in/dt-aeMUd

👩🏻⚖️ Congress has yet to vote on a regulatory structure for crypto, operating under securities laws crafted nearly a century ago. Recent news underscores the urgency for lawmakers to support legislation like the Financial Innovation and Technology for the 21st Century (FIT21) Act. As reported this morning, at least 5 major Ethereum ETF issuers, including Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin, have submitted formal filings seeking approval to launch Ethereum-based commodity trusts. This coordinated effort signals the market is actively pushing forward, highlighting the need for clear regulatory guidance from Congress. While "crypto" has garnered skepticism due to volatility and scandals, the essence of blockchain lies in its potential to reshape trust in a digital society. Unlike web2 companies that charge a "Trust Tax," blockchain can eliminate the need for trust through decentralized systems. Constructive regulation could provide clarity and stability for sustainable development in the crypto sector, recognizing blockchain's trust-minimizing properties and fostering innovative, equitable uses of the technology. The focus must shift from speculative value to real-world applications addressing significant pain points, like enhancing transparency, improving market efficiency, and enabling new models of asset verification. While challenges lie ahead, blockchain's promise to reduce the "Trust Tax" and enable new forms of collaboration without centralized intermediaries holds the potential for significant social and economic benefits. This is a critical step toward embracing a technology that can fundamentally change our approach to trust and cooperation in the digital age. Your voice matters. #crypto #dlt #trust #fit21 #ETH #BTC

House passes major crypto bill splitting digital asset regulation between SEC, CFTC The bill, known as the Financial Innovation and Technology for the 21st Century Act, or FIT 21 Act passed in the House with 279-136 vote, with strong bipartisan support. The bill now goes to the Senate. FIT 21 Act gives the CFTC new oversight of the digital commodities market and the SEC will be the regulator for the digital securities market. The legislation requires both agencies to propose 'joint rule-makings' on digital assets and allows digital asset intermediaries to dually register with the SEC and CFTC. https://lnkd.in/e9QtQP5V)

Whilst it’s not perfect (what legislation is?) at least we have clarity and legal certainty in the EU around regulatory treatment of #stablecoins thanks to #mica Crypto Council for Innovation and our members are actively engaging with eu regulators to ensure the detailed technical rules being developed by European Banking Authority and European Securities and Markets Authority (ESMA) add further clarity. More appropriate imho to have rules made by democratically elected politicians and expert policymakers rather than leaving it to the courts.

How Crypto Assets Can Threaten the Global Financial System Uncover the impact of crypto assets on global finance. Learn about risks, benefits, and case studies from around the world. https://lnkd.in/gHVDqHT5

The Big Crypto News, if you haven't heard, is that the House of Representatives is FINALLY set to vote now on the first major piece of Federal legislation of crypto, the funkily named "FIT21 Act" (for Financial Innovation and Technology for the 21st Century (FIT21). Yes, Congress is trying to be cool and up-to-date, showing off with that title. But, more importantly, this proposed law: +gives explicit jurisdiction to the Commodity Futures Trading Commission (CFTC) over digital commodities (every digital asset not excluded) and +clarifies the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets that are deemed securities (ie. offered as part of an investment contract) and provides a framework to the SEC for the permitting process for secondary market trading of these. It also imposes comprehensive customer disclosure, asset safeguarding, and operational requirements on all entities required to be registered with the CFTC and/or the SEC. FINALLY, for everyone who has been participating in the esoteric AND unseemly shouting matches over whether this token is or is not  a security or a commodity and whether it is the CFTC or the SEC that you should worry about, this legislation parts the cake and gives each a piece. But will it pass the vote? And what happens if it does? Follow me here. And if it passes: Will it really assert US dominance in this space or will the huge registration costs lead major innovators to fence the US out? The US markets are not as important to the world as they were in 1995. DISCLAIMER: I don't need one -- I speak for myself, of course!