DeFi bill blindsides experts

Blockchain Association DeFi chair Jake Chervinsky has accused bureaucrats from the State Department of trying to influence the legislative process around the country’s new DeFi bill.

He made his comments on the Bankless State of the Network podcast where he was discussing the new infrastructure bill that is looking to “capture DeFi”.

Chervinsky, who generally considers legislative action on blockchain a positive sign, has cautioned that the industry may have been blindsided by the suddenness of the draft.

According to him, the bill was announced only nine days prior to the vote in the senate, giving experts little time to respond, review the document, offer recommendations or have the public debate that usually surrounds the passage of important legislation.

However, he argued that the bill had “nothing to do with crypto” and suggested that the US Treasury Department may have tried to step into the process leading to potentially adverse consequences.

He argued that the department was trying to continue former Treasury Secretary Steve Mnuchin’s proposals against self-custodied crypto wallets.

“The idea that you would carve out an exemption for what is viewed as the really bad, horrible climate change-causing, ocean-boiling Proof-of-Work mining, but then not have that exemption for Proof-of-Stake validators just made absolutely no sense”, he said.

Chervinsky criticized the idea that there may be some bureaucrats from the State Department that are trying to influence the legislative process and said that senators should be the ones taking charge of the legislative session.

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Updated: 08/18/2021 — 11:00