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The promise of decentralized finance remains as real as ever, even as fundamental questions about America's regulatory approach to crypto remain unresolved. As the only organization based in Washington, DC, with the sole mission to advocate for decentralized finance (“DeFi”) developers and users, we have worked hard to educate lawmakers and regulators about the promise of DeFi, how this technology actually works, and why it is important to protect the rights of software developers and DeFi users. We also defended the industry against the unprecedented assault by the SEC and other federal regulators over the last several years.
Tides seem to be shifting. 2024 marked a sea change in DeFi and crypto policy. In Congress, FIT21 passed the House, and Congress held its first DeFi hearing (at which our Chief Legal Officer Amanda Tuminelli testified). In the judiciary, the Fifth Circuit found that the Treasury Department acted unlawfully when it designated Tornado Cash smart contracts under its existing sanctions authorities, and the courts struck down the SEC’s dealer rule.
We’re proud to have taken the fight directly to the courts, regulatory agencies, and Capitol Hill. And looking to 2025, our mandate remains unchanged: to protect and advance DeFi's development through targeted advocacy, education, and when necessary, litigation.