The Evaluating DeFi Opportunities Act would require the Treasury Department, Securities and Exchange Commission, and Commodity Futures Trading Commission to jointly study decentralized finance, which refers to blockchain-based financial systems that allow people to conduct transactions without traditional intermediaries. The study would examine the size and operation of these systems, their integration with traditional finance, potential risks like cybersecurity vulnerabilities and illicit activity, and benefits such as transaction efficiency and accessibility. Additionally, the Government Accountability Office would conduct a separate parallel study covering the same topics. Both agencies must submit their reports to Congress within 180 days of the bill's enactment, with no specific funding amount identified in the legislation.