Lawmakers Clash Over DeFi’s Role in Finance 🧐

The first-ever Congressional hearing on decentralized finance (#DeFi ) on Sept. 10 revealed a sharp divide between U.S. lawmakers.

Republican proponents like French Hill emphasized DeFi’s potential to create a freer financial system through peer-to-peer transactions without intermediaries. In contrast, Democratic representatives like Brad Sherman and Maxine Waters criticized DeFi for enabling #crimes , tax evasion, and regulatory noncompliance.

Witnesses provided contrasting perspectives, with some advocating for DeFi’s role in financial inclusion, while others warned of its risks, including scams and investor exploitation. The debate highlighted the complexity of #regulating DeFi and its role in shaping the future of finance.

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🚔 The U.S. Department of Justice arrested 35-year-old Chinese citizen Yunhe Wang for organizing the 911 S5 botnet of more than 19 million private IP addresses and reselling them to criminals.

The scheme operated from 2014 to 2022, victimizing residents of more than 200 countries. According to Chainalysis, Wang's wallets held more than $130 million in digital assets.

#crimes #Chainalysis #btc70k #altcoins #Megadrop