United

Biden

DeFi

Foundation

<p>DeFi is at a critical crossroads. Recently, the US administration has taken regulatory actions against it. Measures that could redefine the future of DeFi and financial self-management, according to some experts.</p> 
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     <p lang="en" dir="ltr">Biden is ‘hurrying’ to make DeFi illegal, VanEck exec says in dire warning<a href="https://t.co/sqWWvshdAZ">https://t.co/sqWWvshdAZ</a></p>— DL News (@DLNewsInfo) <a href="https://twitter.com/DLNewsInfo/status/1785978878592262285?ref_src=twsrc%5Etfw">May 2, 2024</a>
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  The US administration is “rushing” to make DeFi illegal according to a VanEck executive
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<h2 id="h-aggressive-defi-regulation-in-the-united-states">Aggressive DeFi Regulation in the United States</h2> 
<p>US regulators have stepped up their offensive against the <a href="https://www.cointribune.com/ecosystemes-blockchain/defi/" target="_blank" rel="noreferrer noopener">decentralized finance</a> sector in April. These regulatory attacks have raised serious questions about the Biden administration’s intentions regarding DeFi.</p>
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<p>In this regard, Matthew Sigel, expert at VanEck, did not mince words:</p> 
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 <p><em>&nbsp;“The government is rushing to make DeFi functionally illegal&nbsp;before the next election.”&nbsp;</em></p> 
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<p>These regulatory offensives have been marked by several controversial actions.</p> 
<ul> 
 <li>Firstly, the SEC issued a <strong>warning to the <a href="https://www.cointribune.com/en/the-sec-plunges-uniswap-into-turmoil/" target="_blank" rel="noreferrer noopener">Uniswap Foundation</a></strong> alleging that this DeFi platform was operating an unregistered exchange.</li> 
 <li>Next, the IRS proposed to significantly broaden the definition of brokers, essentially encompassing unhosted wallets used for personal custody.</li> 
 <li>Finally, the SEC provided a <strong>warning letter to ConsenSys</strong> regarding MetaMask, one of the most popular decentralized wallets. This strong regulatory approach directly targets tools that allow users to hold and control their own cryptocurrencies.</li> 
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<h2 id="a-cooling-in-the-crypto-sector">A Cooling in the Crypto Sector</h2> 
<p>According to <a href="https://www.dlnews.com/articles/regulation/biden-hurrying-to-make-defi-illegal-vaneck-exec-says/" target="_blank" rel="noreferrer noopener">Matthew Sigel</a>, these regulatory actions have largely contributed to a <strong>cooling of investor enthusiasm</strong> for digital assets in April. In an already uncertain macroeconomic context, the regulatory tightening destroys the confidence of traditional investors in the cryptocurrency sector.</p> 
<p>Many experts are also worried about the long-term consequences of this <strong>regulatory war against DeFi and self-management</strong>. By making these innovations nearly illegal, the Biden administration could:</p> 
<ul> 
 <li>hamper the adoption of cryptocurrencies,</li> 
 <li>deprive the <a href="https://www.cointribune.com/crypto-un-nouveau-projet-de-loi-pour-reguler-la-defi-aux-etats-unis/" target="_blank" rel="noreferrer noopener">United States</a> of a major competitive advantage in the race for financial innovation.</li> 
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<p>As political debate rages on the <a href="https://www.cointribune.com/usa-une-reglementation-crypto-avant-les-elections-cest-possible/" target="_blank" rel="noreferrer noopener">regulation</a> of cryptocurrencies, the Biden administration is adopting an aggressive approach to DeFi. By multiplying restrictive measures, US regulators are sowing doubt and confusion within this booming industry.</p> 
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Regulation: The Biden administration threatens the future of DeFi

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