Research Summary
The DeFi Education Fund (DEF) report for May 2024 outlines the organization’s activities, including lobbying efforts, policy bootcamps, merchandise launch, and financial disclosures. The report also highlights DEF’s media presence and its stance on various crypto-related legal and policy issues.
Key Takeaways
DEF’s Advocacy for Crypto Regulation
- Calling on Congress: DEF’s CEO, Miller Whitehouse-Levine, wrote an op-ed urging Congress to regulate the crypto industry rather than leaving it to the SEC, which he accuses of waging a war against the industry. He warns that the slow legislative pace allows the SEC to take control of the crypto industry.
Policy Bootcamps
- Consensus Policy Bootcamp: DEF, in partnership with Polygon Labs, the Solana Foundation, and the Wormhole Foundation, hosted a crypto policy bootcamp in Austin, Texas. The bootcamp aimed to educate developers and entrepreneurs about the implications of policies in their jurisdictions and equip them with advocacy tools.
Merchandise Launch
- DeFi People Merchandise: DEF launched a line of “DeFi People” merchandise on May 24th. The merchandise is a nod to a judge’s comment during the SEC v. Coinbase oral argument. Proceeds from the merchandise sales go directly to DEF.
Financial Disclosures
- May 2024 Financial Breakdown: DEF received donations amounting to $4,973,000 in May 2024. The organization spent on various items including lobbyists, public relations, policy litigation marketing, merchandise, operating expenses, payroll and associated taxes, professional fees, transacting fees, insurance, tax & licenses, and other overheads.
Media Presence
- Media Coverage: DEF’s activities and opinions were covered by various media outlets including Blockworks, The Journal of Taxation of Financial Products, The Block, CoinDesk, and Decrypt. The coverage included DEF’s stance on the Tornado Cash verdict, the crypto market structure bill, and the SEC’s alleged abuse of power.
Actionable Insights
- Monitor Regulatory Developments: Given DEF’s active role in advocating for crypto regulation, stakeholders should keep an eye on regulatory developments and DEF’s stance on them.
- Engage with DEF’s Educational Initiatives: Developers and entrepreneurs in the crypto space can benefit from DEF’s policy bootcamps and other educational initiatives.
- Support DEF’s Advocacy Work: Those interested in supporting DEF’s work can consider purchasing the “DeFi People” merchandise or making donations.
