40% of Americans would use DeFi with laws in place: Crypto lobby poll
News Summary
A poll commissioned by the DeFi Education Fund (DEF) indicates that 42% of Americans (roughly two in five) would consider trying decentralized finance (DeFi) protocols if proposed legislation were passed by the U.S. Congress. The survey also revealed widespread distrust among respondents towards the traditional financial system, with less than half believing the current U.S. financial system meets their needs, and only a quarter thinking it is designed to benefit ordinary people. Conducted by Ipsos between August 18 and 21, polling 1,321 U.S. adults, the study found an
Background
Decentralized finance (DeFi) is an emerging financial technology sector that utilizes blockchain to offer financial services like lending, trading, and insurance without traditional intermediaries. Despite a total value locked (TVL) of $160 billion, it remains nascent compared to traditional financial markets, with its market capitalization still less than Boeing. Currently, the U.S. Congress is considering bills aimed at clarifying the legal status of cryptocurrencies and delineating regulatory oversight among financial agencies. This poll surfaces amid declining public trust in traditional financial systems, with many seeking enhanced security, lower fees, and greater control over their money. Federal Reserve Governor Christopher Waller recently expressed an open stance on crypto payments operating outside the traditional banking system, stating there's "nothing to be afraid of."
In-Depth AI Insights
What are the deeper systemic vulnerabilities in traditional finance that are fueling this public shift towards DeFi? - Ostensibly, public interest in DeFi stems from dissatisfaction with TradFi's high fees and centralized control. However, deeper roots lie in persistent disillusionment with TradFi's failure to fundamentally reform post-2008 and ongoing concerns about bank transparency, data privacy, and financial surveillance. Under the Trump administration, while deregulation might be emphasized, its