{"id":175501,"date":"2025-10-14T20:00:35","date_gmt":"2025-10-14T17:00:35","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=175501"},"modified":"2025-10-14T16:45:02","modified_gmt":"2025-10-14T13:45:02","slug":"senate-democrats-crypto-proposal-sparks-industry-backlas","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/senate-democrats-crypto-proposal-sparks-industry-backlas\/","title":{"rendered":"Senate Democrats\u2019 Crypto Proposal Sparks Industry Backlas"},"content":{"rendered":"
The move comes amid ongoing partisan disputes over the Responsible Financial Innovation Act (RFIA), which aims to provide legal clarity for cryptocurrency and decentralized finance (DeFi) protocols.<\/p>\n
Though the full details of the Democratic amendments have not been released publicly, reports suggest they include a \u201crestricted list\u201d of DeFi platforms deemed too risky, effectively imposing strict oversight via the U.S. Treasury. Industry advocates warn that such measures could stifle innovation, drive development offshore, and undermine the decentralized nature of blockchain applications.<\/p>\n
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Digital Chamber VP Zunera Mazhar criticized the proposal for granting \u201csweeping authority\u201d while narrowly defining decentralization, treating front-end developers like financial intermediaries. Blockchain Association CEO Summer Mersinger called the plan \u201ceffectively a ban\u201d on DeFi and decentralized apps in the U.S. Similarly, Variant\u2019s Jake Chervinsky described the counterproposal as \u201cless a regulatory framework and more an unprecedented government takeover of an entire industry.\u201d<\/p>\n