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Here’s what the DeFi Education Fund (DEF) has been up to in July 2024. If you have any questions or would like to learn more about a specific activity, please do not hesitate to reach out at contact@defieducationfund.org.
IRS Broker Rulemaking Finalization
The Treasury and IRS finalized the proposed “Broker” rulemaking, thankfully removing DeFi from the final rule.The rulemaking that was finalized includes rules only for custodial participants, noting that DeFi actors would not be included in a broker rule until “additional consideration of issues involving non-custodial industry participants is completed because custodial brokers and brokers acting as principals carry out a substantial majority of digital asset transactions."
DEF had been very active on this issue, submitting comet letters in November 2023 as well as in June 2024.
The removal of DeFi, at this stage, is a big policy win for DeFi, demonstrating a good faith effort from Treasury and the IRS to grapple with the complexities in DeFi.
Discussing Tornado Cash with Blockchain Tipsheet
In Blockchain Tipsheet’s inaugural “For Staff” column, DEF’s Amanda Tuminelli sat down with John Ebbert to talk about the latest in the Tornado Cash matter, as well as the “basics” of crypto mixing and why they are controversial.
Discussing Tornado Cash and the U.S. Government’s decision to target the “tool” rather than the actors using the tool for nefarious purposes, Amanda provided the following analogy: I think a tool like a hammer has the ability to just be a plain old hammer that is used for totally legal construction. It also can be used as a dangerous weapon…How a person chooses to use the hammer when they pick it up. That is the person whose conduct the government should be focused on -not the person who made the hammer.”
Be sure to read the full interview here.
Filing Amended Complaint in our Fight Against the SEC
On July 24 , DEF & Beba filed an amended complaint in our case against the SEC.
The amended complaint adds further support for the claims we filed against the SEC in May. Furthermore, our amended complaint restates and bolsters our original claims that Beba’s free airdrop was not a securities transaction and the SEC violated the Administrative Procedure Act when they adopted their unlawful policy that nearly all digital asset transactions are securities transactions.
The SEC now has until September 6 to file a motion to dismiss the amended complaint.
The amended complaint can be found here.
June Financial Disclosures
We are continuing to share a more detailed look into our financial disclosures. You can find the July 2024 breakdown below. If you would like to look at our 2024 financial breakdowns, please click here.
Donations Received | |
Grants | |
Lobbyists | $40,000 |
Public Relations | $7,500 |
Policy Litigation | |
Marketing | |
Merchandise | $1,921 |
Operating Expense | $11,972 |
Payroll and Associated Taxes | $128,485 |
Professional Fees | $125 |
Accounting | $6,150 |
Legal | $3,370 |
Other Consultants | $4,000 |
Transacting Fees | $2,296 |
Insurance | $4,647 |
Tax & Licenses | $155 |
Other Overhead | $9,265 |
July Media
Print/Online
Blockchain Tipsheet: Tornado Cash And Crypto Mixing Today: An Interview With DEF’s Amanda Tuminell
Last Friday, blockchain tipsheet sat down with Amanda Tuminelli, Chief Legal Officer of decentralized finance advocacy firm DeFi Education Fund (DEF). We discussed both the latest and the “basics” in crypto mixing as well as the Department of Justice’s indictment in August 2023 of Tornado Cash software developers Roman Storm and Roman Seminov.
Law360: SEC Says Apparel Co.'s Preemptive Crypto Suit Is Unripe
Amanda Tuminelli, chief legal officer at DEF, says in a statement to Law360 that the SEC's bid for dismissal focuses mostly on "procedural and jurisdictional arguments, and we look forward to refuting them."
Blockchain Tipsheet: DeFi: What’s a Broker?
DeFi Education Fund's Miller Whitehouse-Levine offered his "take" on X saying, "Treasury has finalized its proposed broker rule and appears to have punted on DeFi completely at this stage. While 'the Treasury Department and the IRS do not agree that non-custodial industry participants should not be treated as brokers... the Treasury Department and the IRS would benefit from additional consideration of issues involving non-custodial industry participants.'"
DL News: White House and Coinbase make big crypto hires
The DeFi Education Fund needs a fall intern. The lobby group says that if you’re passionate about decentralised finance, crypto, and regulation, you can apply now.
For up-to-date information about what’s happening in D.C. and what we are up to, please follow us on Twitter @fund_defi and subscribe to our Substack.
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