Before November’s collapse of FTX, Congress had a chance to pass crypto legislation before the end of the year. Different committees and lawmakers were hungry to implement regulations that would establish guardrails for the turbulent industry, but there was consensus that one bill led the pack: the Senate Agriculture Committee’s Digital Commodities Consumer Protection Act, introduced by chair Debbie Stabenow (D-Mich.) and ranking member John Boozman (R-Ark.)
Despite pushback over the bill's treatment of DeFi, the crypto industry generally supported the DCCPA, which would empower the Commodity Futures Trading Commission through increased funding and oversight. One of the most vocal supporters was Sam Bankman-Fried, who appeared before the committee at a hearing in February and tweeted support.
