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Op-Eds & Journals

Unchained: Why It’s Critical for the US to Pursue a Pro-Innovation Approach to Software Regulation

Authored by Miller Whitehouse-Levine & Lizandro Pieper; October 2024

Blockworks: The SEC has been wrong about ‘crypto asset securities’ all along

Authored by Amanda Tuminelli & Jake Chervinsky; October 2024

CoinDesk: Crypto’s Latest Privacy Battle

Authored by Amanda Tuminelli & Marisa Coppel; June 2024

Blockworks: It’s time for Congress to protect the crypto henhouse

Authored by Miller Whitehouse-Levine; May 2024

The Journal of Taxation of Financial Products: Examining the Definition of “Digital Asset Middleman” Under the Proposed Digital Asset Broker Reporting Regulations

Authored by Lizandro Pieper; May 2024

CoinDesk: In Lejilex vs. SEC, Crypto Goes on Offense in the Courts

Authored by Amanda Tuminelli & Jake Chervinsky; February 2024

CoinDesk: Congress Gets the Runaround From Regulators, Again

Authored by Miller Whitehouse-Levine & Kristin Smith; November 2023

CoinDesk: When Did Privacy Become a Bad Word?

Authored by Miller Whitehouse-Levine & Amanda Tuminelli; August 2023

Blockworks: Crypto rights are fundamental American rights

Authored by Amanda Tuminelli & Marisa Coppel; August 2023

Blockworks: Don’t Drive Crypto Into the EU’s Open Arms

Authored by Miller Whitehouse-Levine; May 2023

The American Conservative: The Wrong Lesson from the Fall of FTX

Authored by Lizandro Pieper; April 2023

CoinTelegraph: CBDCs will lead to absolute government control

Authored by Miller Whitehouse-Levine; April 2023

CoinDesk: Why Ex-SEC Official John Reed Stark Is Wrong About Crypto 

Authored by Miller Whitehouse-Levine; February 2023

Fortune: What the media gets wrong in its persistent crypto criticism 

Authored by Miller Whitehouse-Levine; July 2022

The Well News: DeFi Needs Flexible and Fair Regulation, Not Just Enforcement

Authored by Miller Whitehouse-Levine; June 2022

CoinDesk: The Scarcity Mindset Driving Crypto's Energy Critics 

Authored by Miller Whitehouse-Levine; May 2022

Decrypt: Cryptocurrencies Won’t Help Russia Evade Sanctions

Authored by Miller Whitehouse-Levine; March 2022

Media

Some crypto lobbyists are hopeful that lawmakers will be able to push a bill over the finish line. Yet, until Congress does, investors remain in the lurch. Miller Whitehouse-Levine, who runs the DeFi Education Fund, said he is “disappointed” that a crypto framework has not already passed on Capitol Hill. “The lack of a clear regulatory framework in this space has only empowered bad actors at the expense of consumers and at the expense of good responsible businesses and developers in the U.S.,” Whitehouse-Levine said. “The reality is there have been massive failures that could have been prevented.”

“Today's ruling in SEC v. Coinbase marks a potentially pivotal moment in the law related to digital assets,” Amanda Tuminelli, chief legal officer at crypto lobbying group DeFi Education Fund, said in a statement shared with Decrypt. “For the first time, a federal circuit court will have the chance to address the controlling legal question of the extent of the SEC's statutory authority over digital assets,” she continued. “If the Second Circuit agrees to hear Coinbase's appeal, it will have the opportunity to provide legal clarity the industry has been asking for."

Meanwhile, passing stablecoin legislation could be considered more “low-hanging-fruit,” according to Miller Whitehouse-Levine, CEO of decentralized-finance research and advocacy group DeFi Education Fund. Representative Patrick McHenry introduced the “Clarity for Payment Stablecoins Act of 2023,” while Lummis and New York Democratic Senator Kirsten Gillibrand put out a joint “Lummis-Gillibrand Payment Stablecoin Act” last year. “There’s a broader consensus around what stablecoin legislation should look like,” said Whitehouse-Levine. “The McHenry bill that was marked-up in mid-2023 has been well-socialized and was negotiated with [Democratic Representative Maxine] Waters. I think that anything that passes will look largely similar to that bill.”

The complaint—filed by the Blockchain Association, the Texas Blockchain Council and the DeFi Education Fund—called the reporting rule a fundamental misunderstanding of how DeFi entities operate and at odds with the purpose of DeFi platforms. DeFi's main innovation is that users, not the platform, effectuate transactions with other users, the groups stated.

It’s clear that the plaintiffs in this case are deeply concerned about the future of innovation in the U.S. "We are incredibly disappointed in today’s decision by the Treasury and the IRS to finalize the misguided and unfairly sweeping DeFi portion of their ‘broker’ rulemaking," said Miller Whitehouse-Levine, CEO of the DeFi Education Fund. "Decentralized Finance promises to make financial services and the digital economy more accessible, efficient, interoperable, dependable, and consumer-focused. This promise is at the heart of our work at the DeFi Education Fund. This unfortunate rulemaking is a direct threat to financial innovation, and we intend to fight it using every tool available to us."

The SEC has called Coinbase’s request “extraordinary.” Miller Whitehouse-Levine, CEO of crypto advocacy group DeFi Education Fund, agrees. That’s because the court would order the SEC to create bespoke rules for crypto in the event Coinbase wins. “That is an extraordinary remedy that happens very rarely,” Whitehouse-Levine told DL News.

“There are many, many priorities on the Republican caucus’ agenda, and it’s less a question about whether crypto is going to be a priority in the next Congress, and more of how many other higher priorities will be taking up time, and how efficient can Congress be?” Whitehouse-Levine says there are other bills that are less sweeping in scope but no less important to the industry that have a greater chance of passing in 2025, such as Minnesota Representative Tom Emmer’s Blockchain Regulatory Certainty Act.

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  • What is DeFi?
    DeFi is an umbrella term for open-source software protocols that run on the internet that allow people to conduct financial activities in a new way. DeFi is about creating universally accessible financial infrastructure that anyone with an internet connection can access and use, and that’s something anyone can get on board with who values things like accessibility, independence, self-custody, or autonomy in their financial lives.
  • What are the benefits of DeFi?
    DeFi is software that can increase economic access for everyone by making the digital economy fairer, more transparent and more equitable. Increased Transparency: DeFi protocols increase operational transparency about the mechanics of market infrastructures and associated fees by using open-source software, which makes transactions more transparent and auditable by using blockchain-based records. Equitable Market Access: DeFi protocols are open and available to anyone in the world with an internet connection, giving them the potential to significantly expand access to financial services.[1] That access empowers more people to use financial services without having to go through intermediaries that may prevent sectors of the market from participation, either through unavailability, absolute prohibitions, excessive pricing, or unfair or discriminatory treatment. 24/7/365 Liquidity: Users can access and use markets at all times of the day without the need for closing markets at the end of each day. Among other things, this eliminates the risk of capital dislocations due to illiquid aftermarket trading in traditional systems. Lower Costs and Faster Settlement: DeFi protocols reduce friction and transaction costs for the creation, distribution, trading, and settlement of financial assets with faster settlement times for users. Improved Security: Transactions using DeFi protocols are recorded on blockchains, the records of which cannot be manipulated or amended, offering greater security to users. Greater Control: The absence of intermediaries in DeFi protocols provides individuals with the ability to custody their own assets, giving them greater control and certainty. Additionally, in some instances, market participants can directly develop community-governance standards. Greater Uptime: Permissionless blockchains are operationally resilient (the Ethereum blockchain has never gone down), whereas traditional market infrastructures have had major technology failures, resulting in downtime for securities markets. Elimination of Broker Risk: DeFi protocols have no employees to supervise, no financial risk for users from broker activity or custody, and no interaction between a broker and customers that could result in unlawful sales practices or other unfair and discriminatory dealing. Elimination of Anti-Competitiveness: Users can easily move their self-custodied cryptocurrencies from one protocol to another at any time without significant friction, unlike the “siloed” experience in traditional financial services.
  • Why does DeFi challenge the traditional approach to financial regulation?
    To a large extent, the existing financial regulatory system applies centralized intermediaries. Before the development of cryptocurrencies and DeFi protocols, digital financial activities required the use of intermediating financial institutions. DeFi protocols allow people to engage in economic activities using software instead of financial institutions, similar to how people can use bitcoin’s software to conduct peer-to-peer payments. But “what they are” — open-source software programs that run on the internet — createst insuperable challenges for a regulatory framework predicted on the necessity of intermediating businesses in financial activities. DeFi developers and market participants share those objectives: to protect consumers, prevent illicit financial activity, and limit systemic risks. The problem is that it’s impossible to accomplish those goals using the old toolbox. “No regulation can be static in a dynamic society.” Our approach to accomplishing long-standing policy objectives has always needed to adapt to technological innovation. DeFi is no different. DeFi is something genuinely unprecedented, and we need to develop a new toolbox that can allow for societies to enjoy the benefits of DeFi while simultaneously equipped to accomplish core policy objectives.
  • What is DeFi not?
    DeFi is a truly decentralized alternative to Centralized Finance (CeFi). CeFi relies on trusted intermediaries to effectuate activities on behalf of customers, custody assets and control permissions or access. By contrast, DeFi runs on permissionless protocols that lack centralized intermediation entirely.
  • How does the DeFi Education Fund handle conflicts of interest?
    For any conflicts of interests that may arise over normal course of business, individual members of the DeFi Education Fund will recuse themself from said activity.
  • Does the DeFi Education Fund have members?
    As a 501(c)(4) nonprofit organization, we do not have any members.
  • How is the DeFi Education Fund funded?
    We were allocated an initial one million UNI back in August 2021. We also engage in fundraising activities to further support our mission.
  • I have questions, who should I contact?
    For general inquiries, please reach out to contact@defieducationfund.org For media-related inquiries, please reach out to max@defieducationfund.org For grant-related inquiries, please reach out to grants@defieducationfund.org
Podcasts

Podcasts

Amanda Tuminelli of the DeFi Education Fund joined me to discuss the recent lawsuit against the IRS and Treasury over the DeFi broker rule.

Unchained regulatory reporter Veronica Irwin sits down with Amanda Tuminelli, chief legal officer of the DeFi Education Fund, to discuss how U.S. money transmission laws are being applied to developers in cases like Tornado Cash. Tuminelli explains the stakes of Section 1960, the importance of custody and control, and how differing interpretations of law are creating uncertainty for crypto innovation.

GraphHER Club Podcast:  Amanda Tuminelli | Defi Legal Frontier

December 2024

In this episode, we sit down with Amanda a trailblazer in Web3, to uncover her incredible journey in the legal blockchain space. Amanda shares her experiences, insights on driving DeFi towards success.

In this episode, we’re speaking with Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund, about the latest in crypto policy and what she’s expecting to see leading up to the election next week. We start out by recapping some of the lawsuits Amanda has helped file against the SEC through DeFi Education Fund and her testimony at the first congressional hearing on DeFi last month, and then we talk about what’s on her radar right now in terms of what the SEC is doing and how she expects the election to impact the state of crypto moving forward. Amanda was nominated by Andy Boyan and voted onto the podcast by Nicole D’Avis, Andy Boyan, Defi Beats, Disruption Joe, Meg Lister, and Irina Marinescu.

Real Vision: The State of DeFi: A Deep Dive

October 2024

It may not be “DeFi Summer” just yet, but the reports of DeFi’s death have been greatly exaggerated. In fact, decentralized finance hit the main stage in U.S. Congress a few weeks ago when House Financial Services Committee’s digital assets-focused subcommittee held a hearing on the subject. One of the people representing the industry at that hearing was Amanda Tuminelli, chief legal officer at DeFi Education Fund. She and the fund’s CEO, Miller Whitehouse-Levine, join Ash Bennington alongside Mona El Isa, CEO of founder at Avantgarde Finance and founder of DeFi protocol Enzyme for an in-depth health check of DeFi.

In this episode of Beyond the Code, Yitzy sits down with ⁠Amanda Tuminelli⁠, Chief Legal Officer at the ⁠DeFi Education Fund⁠, to explore the critical legal battles shaping the future of decentralized finance. Amanda shares her insights on the ongoing fight for fair crypto regulation, the DeFi Education Fund’s involvement in high-profile cases like Roman Storm's Tornado Cash prosecution, and their defense of DeFi developers in groundbreaking impact litigation. They also dive into the Fund's efforts to hold regulators accountable, such as their challenge to the SEC's handling of airdrops and digital asset enforcement. Whether you're a legal professional, a DeFi enthusiast, or just curious about the intersection of law and crypto, this episode is packed with invaluable knowledge.

Congressmen Tom Emmer and Patrick McHenry sent the SEC a letter demanding clarification on how crypto airdrops are securities offerings. Amanda Tuminelli of the DeFi Education Fund breaks down why she thinks the SEC is wrong on its interpretation.

Amanda Tuminelli, chief legal officer at the DeFi Education Fund discusses the first Congress DeFi hearing.

On September 11, 2024, the world’s first-ever Congressional hearing dedicated solely to DeFi, entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance”, was called by Congressman French Hill, R-AR. Guest: Amanda Tuminelli | Chief Legal Officer of DeFi Education Fund

Amanda Tuminelli, Chief Legal Officer for the DeFI Education Fund, discusses her crypto journey and her work with the organization. The DEF is a research and advocacy group dedicated to explaining the advantages of Decentralized Finance.

On this episode of the podcast, Deana talks with Amanda Tuminelli of the DeFi Education Fund. They talk about the recent regulatory and policy news around crypto in the US, what values and principles should be present in crypto policy more generally, and how crypto has entered the political realm.

The DeFi Education Fund and co-plaintiff Beba, an apparel company based in Texas, recently filed a pre-enforcement suit challenging the SEC’s regulation by enforcement approach to crypto and their policy that free airdrops are securities transactions.

On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action. Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry. Amanda also talks about the DeFi Education Fund’s recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.

While there is always a lot of activity on Crypto Legal Front, this particular moment in time feels especially active. Today on the show we have Jake Chervinsky and Amanda Tuminelli, two of crypto’s most impressive lawyers. Every single court case, of which there are 5 different ones discussed in this episode today, brings new precedent and new clarity to the crypto space. The theme of this episode today might be… crypto bites back.

After the DEF submitted an amicus brief in the Roman Storm matter, which involves Tornado Cash, I spoke with the two authors: Amanda Tuminelli serves as the DeFi Education Fund's chief legal officer where she leads the organization's impact litigation and policy efforts. Jake Chervinsky recently joined Variant as Chief Legal Officer, where he leads the firm's legal team, and works closely with portfolio founders to overcome the regulatory hurdles holding them back. He’s a board member for the DeFi Education Fund.

Amanda Tuminelli is the Chief Legal Officer at the DeFi Education Fund. We discuss: DeFi Education Fund’s Mission Suing the SEC over the Beba token airdrop Recent SEC vs Coinbase ruling How does the Ripple XRP case ruling impact Coinbase’s case Kraken sues the SEC – SEC Sanctioned in DebtBox case Will Crypto have to go to the Supreme Court? SEC attack on Ethereum & the ETH ETF

The James Rule Crypto Show: DeFi Education Fund - Shaping the Future of DeFi Policy

March 2024

Interview - DeFi Education Fund - Shaping the Future of DeFi Policy - SEC Lawsuit - Donate w/ Crypto

On the Brink: DeFi Education Fund & Beba sue the SEC

March 2024

Miller Whitehouse-Levine and Amanda Tuminelli of the DeFi Education Fund join the show. In this episode we discuss: Beba, an American apparel company based in Waco, TX and the DeFi Education fund have filed a complaint against the SEC, challenging the agency’s pattern of regulation via enforcement. The specific’s of Beba’s airdrop campaign. The Debt Box case and the pattern of behavior that the case highlights. The status of Congressional action on market structure, stablecoins and SAB 121. How the DeFi Education Fund prioritizes key initiatives. How to get involved in this case and support the broader mission of the organization.

In today's episode, Santi is joined by Rebecca Rettig and Miller Whitehouse to update us on the latest policy concerns impacting crypto. They cover the origins of the DeFi Education Fund and the realities of educating regulators on the novelty of DeFi. They then shift gears and discuss onchain illicit activity that exists, how to find a compromise between permissionless systems and state control, the role stablecoins like USDC play, and reactions to the SEC’s proposed dealer rule that threatens DeFi participation. Rebecca breaks down her recently published paper "Genuine DeFi as Critical Infrastructure" offering a conceptual framework for regulation that leverages DeFi’s transparency while allowing permissionless systems to thrive. Stay tuned for all of this and much more!

Bankless Podcast: The US Government is Trying to Kill Crypto

October 2023

We need to stop the US from killing crypto. The new IRS proposals could effectively destroy DeFi and other crypto use cases. The good news? We can change this. 5 minutes is all it takes to leave a comment and get the interpretation delayed. In this episode, we bring on Miller Whitehouse-Levine of the DeFi Education Fund and tax lawyer Jason Schwartz to discuss the proposed rules and their catastrophic implications.

Amanda Tuminelli of The DeFi Education Fund joins the podcast. In this episode we discuss: Amanda’s background and path to joining The DeFi Education Fund; The IRS “broker” rulemaking process and its potential impact on DeFi; The SEC’s “Exchange” rulemaking process; DEF’s amicus briefs on SEC vs. Coinbase; and Patent trolls in the DeFi ecosystem.

Amanda Tuminelli (@amandatums) is chief legal officer for the Defi Education Fund, where she leads the organization’s impact litigation and policy efforts. She was previously an attorney at Kobre & Kim and Dechert LLP, and served as a Judicial Law Clerk for the Eastern District of New York.

On Wednesday, the U.S. Government indicted Tornado Cash developers Roman Storm and Roman Semenov for three counts of conspiracy involving a staggeringly large number: $1 billion in criminal proceeds. The U.S. Department of Justice attached North Korean hackers to a large portion of this sum, alleging that Tornado’s privacy tech enabled nefarious deeds. Amanda Tuminelli, chief legal officer of the DeFi Education Fund, joins the show to assess whether the U.S. Government got it right or is merely misguided in its understanding of how blockchain technology works. Should Tornado Cash devs be held to account for the criminal use of their software?

The Pretty Good Policy for Crypto podcast welcomes Miller Whitehouse-Levine and Amanda Tuminelli of the DeFi Education Fund for a discussion of the fund's recent SEC filing and Tuminelli's experience as the fund's new Chief Legal Officer. Host Paul Briggner facilitates a conversation about Tuminelli's previous legal work, as well as her transition to working in the cryptocurrency industry. The episode sheds light on the DeFi Education Fund's goals for impact litigation and policy work, and the potential impact of their recent filing.

The Defiant Weekly Roundup: Is Crypto In The US Doomed? Regulation Expert Weighs In

June 2023

DeFi Education Fund's Amanda Tuminelli joins the show to discuss this week's SEC enforcement actions and what it means for the future of crypto in the U.S.

Joining us today are the best in the biz Chervinsky & Amanda Tuminelli who are here to answer all our questions about the SEC and it's assault on the crypto industry as a whole.

The PGP for Crypto Podcast: Miller Whitehouse-Levine, CEO of DeFi Education Fund

April 2023

Miller Whitehouse-Levine, is the CEO of the DeFi Education Fund. With an extensive background in public policy, Miller has dedicated his career to driving innovation and fostering a regulatory environment that supports the growth of the blockchain and DeFi industries. Before joining the DeFi Education Fund, Miller led the Blockchain Association's policy operation, shaping key policy initiatives in the blockchain space. Prior to that, he worked at Goldstein Policy Solutions, where he contributed to the development of a boutique lobbying firm specializing in financial services, telecommunications, and cybersecurity. Miller holds a B.S. in International Politics and a minor in Mandarin Chinese from Georgetown's School of Foreign Service. His unique blend of policy expertise and passion for decentralized finance make him a key figure in the ongoing conversation around DeFi's potential and its regulatory landscape.

Miller Whitenhouse-Levine the CEO of DeFi Education Fund, Marisa T Coppel Policy Counsel at Blockchain Association and Sarah Brennan GC of Delphi Ventures join host Tommy for the definitive episode on crypto regulations.

Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023.

Miller Whitehouse-Levine, Policy Director at DeFi Education Fund (DEF) – a non-profit organisation that explains decentralized finance to policymakers around the world and advocates for policies welcoming of decentralized financial infrastructure – joined us for an interview to walk through the basics of DEF and the important role that Policy work plays within crypto.

On today’s “Breakdown” interview, NLW is joined by Miller Whitehouse-Levine, policy director at the DeFi Education Fund. They discuss the state of regulatory discourse in Washington, D.C., along with key recent events including Treasury Department sanctions.

Miller Whitehouse-Levine of the Defi Education Fund joins Andrew in the studio today to discuss the latest news and activity of the DEF.

ReFi DeFi: DeFi Education Fund

October 2022

It's clear that US regulators are shining a spotlight on DeFi. It's essential that we have a group that is dedicated to educating policymakers and shaping the future of DeFi. In this episode, we had the honour to speak to Miller Whitehouse-Levine, Policy Director at the DEF.

Miller Whitehouse-Levine (@millercwl) is the Policy Director at the DeFi Education Fund (@fund_defi). With oversight from the DeFi Education Fund’s grants committee, Miller has overall strategic and operational responsibility for the execution of the Education Fund’s mission and goals. Prior to joining the fund, Miller led the Blockchain Association’s policy operation and worked at Goldstein Policy Solutions on a range of public policy issues, including crypto. In this conversation, we cover all aspects of the Tornado Cash saga, how the DeFi Education Fund works, and outline the interplay between the various government and international agencies governing crypto.

BBC: Business Daily

September 2021

Regulators are taking a close look at new crypto-trading environments, known collectively as Decentralised Finance, or DeFi. advocates say the technologies underlying DeFi offer an inclusive and democratic approach to finance, while critics say it is a potential hotbed for money laundering, terrorist financing and other criminal activity. The BBC's Ed Butler dives into the world of DeFi, speaking with Laura Shin, crypto journalist and host of the Unchained podcast, to hear about DeFi, and the kinds of entrepreneurs attracted to it. We also hear from Miller Whitehouse-Levine from the DeFi Education Fund, who argues the potential benefits of DeFi, and digital forensics expert Paul Sibenik of CipherBlade explains what tools are out there for tracking criminal activity across dentralised finance platforms. And veteran crypto investor Jamie Burke of Outlier Ventures explains why he has got so much of his own portfolio in DeFi.

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