On August 4, 2025, Veda submitted our response to the Senate Banking Committee’s Digital Asset Market Structure Request for Information (RFI). We focused on questions critical to programmable, non-custodial DeFi infrastructure such as vaults, and the ability for users to benefit from native yield–one of blockchain’s most powerful capabilities, with particular attention to asset classification, custody and asset safety, market structure and token intermediation, bank access to DeFi, payment system access, and DeFi innovation policy. 

As we write, not only do vaults transform idle capital into productive use, allowing anyone to benefit from DeFi yield, they also “offer a fundamentally better architecture for financial infrastructure: they minimize human discretionary risk, reduce opportunities for manipulation or fraud, provide real-time auditability, and deliver continuous proof of solvency and logic execution. Legislation should be carefully crafted to foster further innovation in this area.”

Separately, we provided feedback on the Senate’s discussion draft of the Responsible Financial Innovation Act of 2025 (RFIA).

We appreciate the Committee’s leadership and are grateful for the opportunity to provide input on these important issues.

You can read the RFI submission at this link and the RFIA feedback at this link.