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DEF’s August Recap
- DeFi Education Fund
- Sep 15
- 7 min read
Below you’ll find a recap of what the DeFi Education Fund (DEF) has been up to in August 2025. If you have any questions or would like to learn more about a specific activity, please do not hesitate to reach out to contact@defieducationfund.org.
Building a Historic Coalition to Advocate for Software Developer Protections
On August 27, 2025, DeFi Education Fund and a coalition of 110+ organizations - including crypto and tech builders, investors, and advocates - submitted a letter to the Senate Banking and Agriculture Committees to provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation.
As we noted in the letter: “To create an environment in which innovators across America can confidently and safely build financial infrastructure, the final version of market structure legislation must include explicit federal protections for blockchain infrastructure developers and non-custodial service providers.”
This was the largest crypto coalition in American history.
Select media coverage of the coalition letter included:
To read the full coalition letter, click here.
Submitting DeFi-Related Comments to Senate Banking Committee
On August 1, 2025, DEF submitted our response to the Senate Banking Committee’s Digital Asset Market Structure Request for Information (RFI). We focused on questions directly relevant to DeFi and software developers.
We are honored to have some of the leading DeFi builders, investors & advocates join our submission: a16z Crypto, Jito Labs, Jump Crypto, Paradigm, Multicoin Capital, Solana Policy Institute, Uniswap Foundation, Uniswap Labs, and Variant Fund.
We also outlined core principles:
Market structure laws should remain technology-neutral;
DeFi developers and technology should be protected from inappropriate regulation meant for intermediaries;
Congress should define criteria to assess “Control” over digital networks;
Self-Custody protections for all US persons is essential;
Legislation should address illicit finance but not unfairly burden DeFi innovation, and should maintain consumer protections and privacy rights; and
Congress should include federal preemption for developer protections.
Click here to read our full submission.
Hearing Directly from DEF’s Executive Director Amanda Tuminelli
On August 13, 2025, DEF’s Executive Director and Chief Legal Officer Amanda Tuminelli shared a mid-year letter explaining the important work that DEF has done since January 2025.
DEF serves as the bridge between policymakers and DeFi, focusing on three core areas:
Defining DeFi by educating lawmakers about the technology itself through DeFi demos, written explainers, and interactive briefings on the technology.
Representing DeFi whenever a court, Member of Congress, or government agency deals with DeFi-related issues.
Mobilizing DeFi by elevating the voices of people building it and creating coalitions to stand strong together.
The letter concludes with highlights of the DEF team’s accomplishments so far this year. While our efforts have resulted in meaningful progress, we still have a ton of work to do. In 2025, our top policy priority remains clear: protecting software developers from prosecution based on improper interpretations of criminal law Section 1960.
To read Amanda’s full letter, please click here.
Submitting a Front-End Safe Harbor Proposal to the SEC
On August 13, 2025, a16z and DEF jointly submitted a proposal to the SEC advocating for a safe harbor from broker registration requirements under the Securities Exchange Act of 1934 for trading interfaces that enable users to interact with blockchains and smart contract protocols , including those related to decentralized financial protocols and NFT marketplaces.
Our proposal aims to be flexible enough to account for the ever-evolving nature of early stage tech development and is grounded in the principle that most web-based or app-bassed trading interfaces are fundamentally non-custodial, passive software tools that allow users to interact directly with public, decentralized network and protocol infrastructure – and, therefore, should not be subject to broker-dealer registration requirementsWe believe that a safe harbor would provide critical guidance for software developers to build in the United States without fear the securities laws will be misapplied to user interfaces.
Digging into the White House Digital Assets Report and Implications for DeFi
On July 30, 2025, the President’s Working Group on Digital Asset Markets (PWG) released its long-awaited report titled “Strengthening American Leadership in Digital Financial Technology” (PWG Report), which effectively outlines policy recommendations designed to help Congress and federal agencies ensure U.S. dominance in digital asset markets. The PWG Report, mandated by President Trump’s Executive Order on digital assets, represents a pivotal moment in digital assets policy, and meaningful recognition of decentralized finance.
On August 18, 2025, DEF published a blog post exploring the potential implications of the report on DeFi in the United States.
As we write: “The PWG Report represents meaningful progress for DeFi. It accurately recognizes the differences between DeFi and centralized intermediaries, as well as the benefits of decentralization.”
Notably, DEF was proud to contribute technical assistance and expertise to the PWG Report, including a custom graphic explaining the architecture of the DeFi technology stack on page 22.
To read the full blog and view the graphic, click here.
Responding to US v. Storm Verdict
On August 6, 2025, a jury in the Southern District of New York returned a split verdict in U.S. v. Roman Storm, convicting the Tornado Cash developer on one count of conspiring to operate an unlicensed money transmitting business under 18 U.S.C. § 1960. The jury did not reach a unanimous decision on the conspiracy charges related to money laundering and sanctions evasion, which is a win for Storm.
DEF’s initial discussion of the verdict took place on The Rage’s X Space (Aug. 6), with a more in-depth analysis available on the Bankless podcast featuring DEF Executive Director, Amanda Tuminelli, and DEF Board Member, Jake Chervinsky.
Introducing DeFi Education Foundation
On August 13, 2025, we announced the launch of DeFi Education Foundation — a newly launched 501(c)(3) nonprofit dedicated to furthering DEF’s mission of educating lawmakers about DeFi, protecting software developers, and promoting sound DeFi policy.
DeFi Education Foundation’s Board of Directors are DeFi legal and regulatory experts, and will help us support the advancement of DeFi.
Amanda Tuminelli, Executive Director & Chief Legal Officer, DeFi Education Fund;
Greg Xethalis, General Counsel of Multicoin Capital; and
Michael Mosier, Co-founder of Arktouros PLLC
DEF remains unwaveringly focused on advancing our mission on behalf of the DeFi industry, but with this new entity we have new benefits for our supporters.
For more information about this announcement and those benefits, click here.
August Financial Disclosures
You can find a detailed look into DEF’s August 2025 financials in the breakdown below.
Donations Received | $5,000 |
Lobbyists | $55,000 |
Public Relations | |
Policy Litigation | |
Marketing | |
Merchandise | |
Operating Expense | $39,087.91 |
Payroll and Associated Taxes | $194,421.59 |
Professional Fees | |
Accounting | $17,584.50 |
Legal | |
Other Consultants | |
Transacting Fees | $5,653.02 |
Insurance | |
Tax & Licenses |
Defining DeFi: August Content and Appearances by DEF
Select Print/Online Media
CoinDesk: U.S. Justice Department Official Says Writing Code Without Bad Intent 'Not a Crime'
"The fact that the DOJ acknowledged that software developers should not be held responsible for third parties' misuse of their code affirms what we have been advocating for years," said Amanda Tuminelli, executive director of the DeFi Education Fund, in a statement after Galeotti's remarks. "Let's celebrate this as a moment of progress and remember that there is still more work to be done to change the law permanently."
DL News: Devs behind ‘truly decentralised’ protocols won’t face DoJ prosecution, official says
“The fact the DOJ acknowledged that software developers should not be held responsible for third party’s misuse of their code affirms what we have bee advocating for years,” Amanda Tuminelli, executive director of crypto advocacy firm DeFi Education Fund, said in a statement. Tuminelli introduced Galeotti at the conference.
Axios: DeFi advocates push for SEC policy clarity
The DeFi Education Fund, a trade group, and a16z Crypto, a major investor, have drafted recommendations to the SEC for the creation of a safe harbor — a carve-out from registration requirements — for certain blockchain-based financial apps.
CoinDesk: A16z, DeFi Group Pitch U.S. SEC on Safe Harbor for DeFi Apps
The crypto investment firm and the DeFi Education Fund have proposed an approach to exempting broker registration for tech offering gateways to DeFi activity.
The Rage: DeFi Education Fund Gathers Largest Industry Coalition To Protect Developers
The advocacy group DeFi Education Fund (DEF) has gathered over 100 signatories asking the Senate to provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation.
POLITICO: Crypto industry presses lawmakers to protect software developers
In a new letter, the DeFi Education Fund, Andreessen Horowitz's crypto arm and dozens of others in the digital asset industry called on lawmakers to "provide robust, nationwide protections for software developers and non-custodial service providers" in their sweeping bill to create a new regulatory framework for the trading of crypto tokens.
"At DeFi Education Fund, we sincerely appreciate his acknowledgment of the American right to self-custody, his commitment to designing regulation that protects and encourages software developers, and his understanding that regulating DeFi requires a nuanced approach," said Amanda Tuminelli, executive director of the DeFi Education Fund.
Bloomberg: Tornado Cash Co-Founder Found Guilty But Avoids Worst Counts
“We are disappointed that the jury did not recognize that Storm should not be responsible for the actions of third parties he could not control,” the DeFi Education Fund said in a post on X. “While it is understandable that the jury could not reach a decision on all the charges — as the government made many mistakes throughout and their case was not compelling — we hoped for a different outcome.”
The Block: Crypto advocacy groups rally behind Quintenz for CFTC Chair in letter to Trump
In that letter on Wednesday, the Crypto Council for Innovation, Blockchain Association, DeFi Education Fund, The Digital Chamber, the Solana Policy Institute, among others, said Quintenz's confirmation is needed as lawmakers draft legislation that would put the CFTC at the helm of digital asset regulation.
Podcast / Live Chats
Blogs/Articles/Papers
For up-to-date information about what’s happening in D.C., and what the DeFi Education Team is up to, please follow us on X @fund_defi and subscribe to our weekly newsletter “The DeFi Debrief” on Substack.