BCGAME - Free 5BTC Daily Bonus!US lawmakers recently clashed sharply during the first congressional hearing on decentralized finance (DeFi). The parliamentarians met with industry experts to discuss the future of digital assets and blockchain technology. At the hearing, five industry experts gave their testimonies on the topic.
The session hosted by the House Subcommittee on Digital Assets, Financial Technology, and Inclusion was titled: “Decoding DeFi: Breaking Down the Future of Decentralized Finance” and aimed to explore some emerging topics in finance, which included tokenization and the role of blockchains.
However, lawmakers have clashed over the issue. Concerns have been raised by some Democrats, with Rep. Brad Sherman questioning whether DeFi technology serves any purpose other than aiding tax evasion. He said DeFi could be used to allow the wealthy to avoid their tax obligations. “What we have here is an effort to free billionaires from income taxation,” he said.
The congressman’s comments were refuted by Peter Van Valkenburgh, director of research at Coin Center. The expert claimed that the lack of regulatory guidance in the US is partly to blame for the non-compliance in the cryptocurrency sector in the country.
Commenting on the risks of technology, Congresswoman Maxine Waters recalled a recent incident involving the World Liberty Financial project. In the exploit, criminals used hacked social media accounts of members of the Trump family to promote a fraudulent token. Approximately 2.000 people fell victim to the scam, with a purchase of $1,8 million in fake tokens.
Donald Trump’s DeFi Project on Alert After Associated Accounts Hack
Two X accounts linked to Donald Trump's family, specifically Lara and Tiffany Trump, were committed on September 4. Hackers took the opportunity to publish malicious links promoting a fraudulent cryptocurrency, which cast significant doubt on the security of Trump's new DeFi venture, called World Liberty Financial.
Eric Trump acted quickly to notify the public about the page’s compromise, instructing people not to interact with the content until the situation was under control. “The page had been hacked and we asked people not to interact with it until further notice,” he said. Despite the quick response, the incident exposed vulnerabilities that could be exploited in a similar manner on the broader project.
