Advocacy group runs prime-time ads pushing DeFi exclusion from Senate crypto bill

Beincrypto reports a new advocacy group has launched prime-time television ads urging lawmakers to exclude decentralized finance from the upcoming Senate crypto market-structure bill. The group, calling itself 'Investors for Transparency,' began airing spots during Fox News prime-time and urged viewers to pressure senators to remove DeFi provisions from the favorable regulatory framework.

The ads are running a week before senators are due to cast votes in relevant committees and ahead of a Senate Banking Committee markup scheduled for January 16. The campaign drew immediate backlash from industry leaders and pro-crypto lawmakers, who say the group represents traditional financial interests seeking to stifle competition.

Warren Davidson called the campaign a defensive measure by established institutions, saying DeFi could cut out middlemen, lower costs and protect privacy. Hayden Adams, founder of Uniswap, criticized the group's name as ironic and said its site does not disclose who funds it or who leads it.

Key Topics

Crypto, Defi, Senate Banking Committee, Warren Davidson, Hayden Adams, Uniswap