DeFi Education Fund

Today, Amanda Tuminelli appeared before Congress in their first ever hearing on DeFi. She spoke on a plethora of topics including why the IRS's broker rule is incompatible w/ DeFi, the SEC's misguided "exchange" rulemaking, and?the need for legal clarity for DeFi developers in the U.S. Check out her opening remarks below.

This is a critical week for the future of crypto policy in the United States: both Houses of Congress will vote on the Congressional Review Act (CRA) resolution to overturn the "broker" rulemaking—a rule that, we believe, undermines digital asset innovation and financial freedom. In a new Op-Ed, DEF's Miller Whitehouse-Levine breaks down why this vote is so important.

On February 21st, SEC Commissioner Hester Peirce issued a call for public input aimed at developing a clear and workable regulatory framework for digital assets. In a new DEF Blog, DEF legal intern Israel Lopez-Morillo identifies several key questions from the request for information that DEF believes are particularly crucial to the future of DeFi. Check out the post at the link below: https://lnkd.in/eHDW5tXt

The Bank Secrecy Act (BSA) is largely a failure in traditional finance, yet recent legal theories put forth by the DOJ seemingly extend its burdensome framework to decentralized finance, or DeFi—which ultimately puts American innovation, privacy, and decentralization at risk. As part of our team’s ongoing efforts to explore BSA and highlight its current and potential future shortcomings, today DEF’s Gavin Leo Zavatone & Henry Michaelson published a new article that explores why the BSA is ineffective and would cause existential harm to the DeFi industry.? As DEF’s authors write: “As some have attempted to extend the BSA framework to DeFi, it is crucial to assess its current inefficacies and recognize that applying its burdensome requirements to DeFi would not only be impractical but would also cripple an emerging industry without meaningfully curbing illicit finance.” If you’re interested in learning more, please click the? link for access to the full paper: https://lnkd.in/es7v7rtS

The DOJ’s indictment of Samourai Wallet’s founders is more than just another crypto case—it’s a fundamental challenge to how we interpret and apply financial regulations to technological innovations in our digital age. At its core, the case hinges on whether non-custodial, privacy-enhancing software can be classified as an unlicensed money transmitting business under federal law. In a new paper, authored by the DeFi Education Fund’s Spencer Peek, we argue that Samourai Wallet’s founders did not operate a money transmitting business. Because the software never took custody of user funds, under existing legal frameworks—including FinCEN’s own guidance—it does not meet the definition of a money transmitter. This issue is one that policymakers, regulators, and legal professionals must engage in to ensure the United States remains a hub of financial innovation. What’s at risk??Setting dangerous precedents that could stifle open-source development and financial privacy for years to come. You can read the full paper here: https://lnkd.in/enTNBR2t

?? Summer Internship Alert! ?? Passionate about crypto policy and DeFi? The DeFi Education Fund is looking for a Policy Intern to dive into cutting-edge research, policymaker engagement, and advocacy. This opportunity is perfect for undergrads eager to explore the intersection of blockchain and regulation. Deadline to apply is April 14, 2025. For more information, check out the link below. https://lnkd.in/eQ7suWSF

“The same intuitive principle that governs our understanding of car manufacturer and driver liability should be the foundation of sensible policymaking in the context of decentralized networks and protocols.” Today, a16z crypto published a piece authored by DEF’s Miller Whitehouse-Levine & Amanda Tuminelli discussing why sound policymaking for crypto should always start from an analysis of “control” in a given system. Why? Because “holding people responsible for systems and activities over which they exercise no agency or control leads to perverse outcomes.” As they write, “It wouldn’t make sense to hold carmakers responsible for the bad driving of their vehicles’ users, just as it wouldn’t make sense to impose car manufacturing obligations on drivers themselves.” Be sure to read the full piece to get further insights from Miller and Amanda on this issue. https://lnkd.in/eQCpQ4tv

The DeFi Education Fund (“DEF”) is thrilled to announce that Jennifer Rosenthal has joined DEF as Chief Communications Officer and will lead the organization’s communications and marketing efforts. Jenn brings extensive knowledge and experience, having previously led Grayscale's communications team as they fought and successfully paved the way for the FIRST bitcoin spot ETF. Read more about Jenn’s expertise in our blog at the link: https://lnkd.in/eTSpw_zs

Today, President Trump signed an Executive Order declaring crypto a national priority. On the news, DEF's CEO Miller Whitehouse-Levine had this to say: "Today’s Executive Order on digital assets from President Trump represents a crucial step forward in establishing the U.S. as a global leader in technological innovation. The creation of the Presidential Working Group on Digital Asset Markets and the commitment to protecting citizens' rights to develop, deploy, access and use open blockchain networks—as well as our right to self custody our own assets— for lawful purposes without the fear of persecution marks a pivotal moment for the industry. DEF is encouraged by this progress and looks forward to collaborating with the administration and with Congress to establish rules and enact legislation to unlock the transformative potential of DeFi and crypto for everyone." Looking to learn more about the EO? Check out DEF's recently published blog digesting the Order. Check it out at the link below. https://lnkd.in/ezBcVte5

How does the SEC balance enforcement and rulemaking? Will its approach to crypto shift under the new administration? And what happens to the major litigation inherited from?former Chair?Gary Gensler? ? The University of Miami Law Review's 2025 Symposium?will explore these pressing questions and more in our panel covering?SEC regulation by enforcement in?the?digital asset industry. Our expert panelists?will dissect the SEC’s controversial enforcement strategies, their impact on innovation, and the future of crypto regulation in the U.S. ? We are incredibly honored to have some of the leading attorneys in the crypto space joining the panel, including: Moderator: Christoph Henkel, Professor of Law, Drake University Panelists: Amanda Tuminelli,?Chief Legal Officer, DeFi Education Fund Marisa Tashman Coppel,?Head of Legal, Blockchain Association Daniel Stabile,?Partner and Co-Chair, Digital Assets & Blockchain Technology Group, Winston & Strawn LLP Join us on February 14?for an?engaging conversation?on the future of crypto regulation in the U.S.! RSVP now:?https://lnkd.in/eycg6VEP #umlr #symposium #miamilaw #lawreview #lawschool #blockchain #crypto #technology #ai #artificialintelligence #miami #miamilawreview #legal