Democratic congressmen: Regulatory agencies or the encryption industry itself do not have a "Consensus definition" for Decentralized Finance

Golden Finance reported that the Financial Services Committee of the U.S. House of Representatives discussed regulatory issues on Decentralized Finance at a hearing on digital assets. Democratic Representative Stephen Lynch of Massachusetts stated that there is no ‘Consensus definition’ for Decentralized Finance from either regulatory agencies or the industry itself. He also criticized the entire encryption industry, stating that it has been harmed by ‘internal explosion events’ and called for legislation. Stephen Lynch said, “The committee should have explored themes such as Decentralized Finance and tokenization of digital assets long before the legislation was enacted. I strongly oppose the FIT bill, which excludes Decentralized Finance services. I urge the committee not to proceed with similar legislation, as it would legalize the industry and pose the same risks to consumer and investor protection.”