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On Tuesday, Congress <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID&#61;409331" rel="noopener noreferrer nofollow">held its first hearing</a> on decentralized finance (DeFi). The focus was on the potential benefits and risks of this fast-growing technology. Lawmakers from both parties had different views on DeFi’s role in America’s financial future. Republicans emphasized DeFi’s potential to increase economic freedom and innovation. Democrats, however, were more concerned about consumer protection and misuse in an unregulated system.Lawmakers at the hearing discussed DeFi’s impact but remained divided. Currently, <a href="https://cryptotale.org/what-is-yield-farming-and-how-does-it-work-in-defi/" rel="noopener noreferrer nofollow">DeFi</a> has a market capitalization of $67 billion and a total value locked (TVL) of $89 billion. Despite its rapid growth, opinions differ on its long-term value and the need for regulation.<h2 id="header-0">Political Divide Emerges</h2>The hearing revealed a clear divide between Republicans and Democrats on DeFi regulations. Republicans, led by Warren Davidson, highlighted DeFi&#39;s ability to remove middlemen and simplify transactions. They argued that supporting DeFi’s growth is essential to maintaining the U.S. as a global financial leader. They believe fewer regulations allow consumers to manage their own risks instead of relying on traditional financial systems.Related:<a href="https://cryptotale.org/defi-tokens-surge-on-xrpl-xrp-targets-200-despite-recent-declines/" rel="noopener noreferrer nofollow"> https://cryptotale.org/defi-tokens-surge-on-xrpl-xrp-targets-200-despite-recent-declines/</a>On the other hand, Democrats, including Brad Sherman and Maxine Waters, expressed concerns about DeFi’s lack of consumer protection. They cited fraud cases, such as the hacking of X accounts linked to the Trump family, as proof of DeFi&#39;s dangers. Waters called for stronger oversight, warning of potential conflicts of interest.<a href="https://cryptotale.org/congress-hosts-first-hearing-on-decentralized-finance/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Congress Hosts First Hearing on Decentralized Finance

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