The House Financial Services Committee Digital Assets, Financial Technology and Inclusion Subcommittee held a hearing on the future of DeFi. Committee Republicans highlighted the technology’s potential benefits and criticized the Biden Administration’s approach to digital assets, arguing that the US is falling behind other countries and failing to foster innovation. Alternatively, Democrats emphasized risks associated with DeFi such as money laundering and tax evasion. Other topics of focus included Web3 and proposed rules from the IRS and SEC.