DEF’s July Recap

Below you’ll find a recap of what the DeFi Education Fund (DEF) has been up to in July 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.

Continuing to Support Roman Storm 

On July 14, 2025, Roman Storm’s trial began in Manhattan. The case has the potential to set precedent on whether software developers can be held legally responsible for how others use their code. We published a blog post exploring the background of the case to ensure everyone was up to speed prior to the trial commencing – supplementing the behind the scenes work we’ve done in support of Storm’s defense. You can find that blog post here. 

DEF’s Executive Director, Amanda Tuminelli also joined Frank Corva of Bitcoin Magazine to discuss the trial and the implications for developers and privacy-preserving technology on the Bitcoin Politics podcast.

Submitting Amicus Brief Supporting Michael Lewellen

On July 7, 2025, DEF, Paradigm, Bitcoin Policy Institute, Blockchain Association, Crypto Council for Innovation, Digital Chamber of Commerce, Solana Policy Institute, and the Uniswap Foundation, filed an amicus brief in Michael Lewellen v. Pamela Bondi in support of Lewellen’s opposition to the DOJ’s motion to dismiss.The key issue being contemplated in this case is whether Lewellen, in his plan to publish a DeFi protocol, engages in an unlawful activity under 18 U.S.C. §1960(b) for failing to comply with the requirements for registering as a money transmitting business under BSA regulations.

You can access the amicus brief and dig further into our legal analysis at the link. 

Championing DeFi in the CLARITY Act

On July 17, 2025, the U.S. House of Representatives advanced the CLARITY Act, legislation to establish a market structure framework for digital assets in the United States.

Prior to the Act passing the House, DEF published a blog post analyzing the law, specifically what it means for DeFi. In our post, we note that the Act “represents meaningful progress towards achieving greater regulatory clarity and critical protections for DeFi developers, users, and technology in the United States,” and is “a strong step forward for the DeFi industry.”

You can read the full post at the link. 

Strengthening the DEF Team with Two Key Hires

On July 28, DEF was thrilled to announce that Ayana Dow and Talia Davis have joined the organization. 

Ayana joins DEF as Senior Counsel, where she will advise on regulatory matters, proposed rulemakings, and legislation. Talia will serve as DEF’s Vice President of Government Relations, leading our advocacy efforts on Capitol Hill.With unique and complementary expertise, Ayana and Talia will help DEF accelerate our work, advocating for sound DeFi policy and protecting the rights of developers, users, and projects to freely build decentralized infrastructure and technology.

To learn more about Ayana and Talia, be sure to check out a blog post announcing their hires. 

July Financial Disclosures

You can find a detailed look into DEF’s July 2025 financials in the breakdown below. If you would like a deeper look at our 2025 financial breakdowns, please click here. 

Donations Received	$400,000
Lobbyists	$55,000
Public Relations
Policy Litigation
Marketing
Merchandise
Operating Expense	$12,289
Payroll and Associated Taxes	$245,269
Professional Fees
Accounting	$6,335
Legal	$2,851
Other Consultants	$2,808
Transacting Fees	$5,012
Insurance	$1,953
Tax & Licenses
Other Overhead	$11,859

Defining DeFi: July Content and Appearances by DEF

Print/Online

• The Block: 'Crypto, welcome home': Digital asset advocates cheer White House crypto report and Trump administration's support

  • "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: SEC’s Atkins Pushes Digital Asset Plan With ‘Project Crypto’

  • “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,” Amanda Tuminelli, Executive Director of DeFi Education Fund, said in an emailed statement.

• The Defiant: DoJ’s Tornado Cash Case Wobbles After Jury Hears Questionable Evidence

  • Critics say the prosecution may be overreaching. Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, suggested in an X post that the DOJ is pushing the limits of legal interpretation.

“This is the problem when the DOJ decides to get creative with a legal theory on something like 18 USC 1960 - the DOJ shoots an arrow and then paints the target around it, trying to fill in shoddy evidence after the fact,” she wrote.

• DL News: Genius, Clarity bills sail through House in major win for crypto

  • Amanda Tuminelli, executive director of the DeFi Education Fund, called it a “historic achievement for the United States.”

• Sherwood News: GENIUS Act passes, cementing stablecoins’ legitimacy

  • Amanda Tuminelli, executive director and  CLO of DeFi Education Fund, said that today’s passage of stablecoin legislation marks a historic achievement for the United States, a resounding victory for innovation, and a major step toward establishing a clear regulatory framework for digital assets. 

“Stablecoins are essential for DeFi. DeFi Education Fund is grateful to the lawmakers in both the Senate and House, along with their dedicated staff, for their commitment to properly distinguishing between centralized and decentralized systems and technologies. Thank you for your efforts in advancing this landmark legislation. We look forward to President Trump signing it into law,” she added.

• Blockworks: Crypto market structure bill passes US House

  • “As drafted, CLARITY does not extend federal preemption to the ‘exclusions for decentralized finance activities,’ leaving states free to create different, inconsistent rules,” crypto advocacy group DeFi Education Fund wrote in a recent blog post.

• Decrypt: 'Historic': Trump to Sign Nation’s First Major Crypto Bill After Passing House

  • “Today’s passage of stablecoin legislation marks a historic achievement for the United States, a resounding victory for innovation, and a major step toward establishing a clear regulatory framework for digital assets,” Amanda Tuminelli, executive director of the DeFi Education Fund, an industry lobbying group, said in a statement shared with Decrypt.

• DL News: Tornado Cash dev Roman Storm begins criminal trial with fight over chat records

  • “Today, the target is Tornado Cash,” crypto advocacy firm DeFi Education Fund wrote in a summary of the case.

“But under such a sweeping interpretation, tomorrow it could be the developers of a VPN, an encrypted messaging app, or a peer-to-peer file sharing tool.”

• Law360: Crypto Groups Back Developer's Money Transmitter Challenge

  • A coalition of crypto industry groups voiced their support for a challenge seeking to protect software developers from catching criminal cases over others' use  of their creations, telling the Texas federal judge overseeing the case that the U.S. government has recently taken an "unprecedented, sweeping interpretation" of money transmission statutes.

• Cointelegraph: Crypto groups back lawsuit against DOJ crackdown on open-source code

  • A coalition of crypto advocacy groups threw its weight behind a federal lawsuit challenging US Department of Justice (DOJ) efforts to prosecute open-source software developers under money transmission laws.

Crypto investment firm Paradigm, the DeFi Education Fund, Blockchain Association, Crypto Council for Innovation and others filed an amicus brief on Monday in support of Michael Lewellen, a developer who built a non-custodial DeFi protocol and plans to release it publicly. 

• Crypto in America: Linqto Shareholders Revolt Against Bankruptcy Filing, Caitlin Long Calls Out the Fed

  • A group of crypto advocates, including Paradigm, DeFi Education Fund, and others, filed an amicus brief supporting Michael Lewellen’s opposition to the DOJ’s motion to dismiss his case. Lewellen, a blockchain developer and founder of Tarski Technologies, is challenging the government’s use of money transmission laws to prosecute developers of open-source, non-custodial crypto software.

Podcast / Live Chats

• Bitcoin Politics: The Tornado Cash Trial: Legal Outlook and Precedent w/ Amanda Tuminelli

• Pub Key Live Discussion: Crypto Privacy on Trial Moderated by Jennifer Rosenthal

Blogs/Articles/Papers

• SEC Chair Atkins Speech Marks “Revolution” for DeFi Innovation in the United States

• DEF Strengthens Legal and Policy Team with Two Key Hires

• GENIUS Act Signed Into Law, Ushering in First Federal Digital Assets Framework

• DeFi Scores Meaningful Wins in CLARITY Act

• DEF & Partners File Amicus Brief in Support of Michael Lewellen's Opposition to the DOJ’s Motion to Dismiss

• Senate Banking Committee Hearing Readout – “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets”

• US v. Storm: Background & Timeline

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.