The Democratic Party and the Republican Party in the U.S. have differing opinions on the issue of DeFi

ChainCatcher news, according to Cointelegraph, the U.S. House Financial Services Committee held a hearing yesterday titled "Decoding DeFi: Breaking Down the Future of Decentralized Finance," aimed at exploring emerging topics such as tokenization and how blockchain is used in the financial sector.

Republican and Democratic lawmakers showed clear divisions on this issue. Republican subcommittee chair French Hill believes that decentralized finance can change the current structure and governance of financial markets and transactions. Democratic representative Brad Sherman and other cryptocurrency critics claim that DeFi is only used for crime, evading sanctions, and primarily for tax evasion.