The Senators behind the DCCPA – the bipartisan piece of crypto regulation backed by former FTX_Official CEO Sam Bankman-Fried – say they’re pushing ahead on the bill some say will “kill” DeFi. What’s really inside the bill? cheyenneligon reports
issued on Nov. 10, Boozman said the collapse of FTX only reinforced the need for more federal oversight of the crypto industry.
With his statement, Boozman joined a bipartisan group of lawmakers including Sen. Cynthia Lummis , Sen. Elizabeth Warren and Sen. Sherrod Brown , who haveAs one of the most fully-formed pieces of potential crypto legislation, it seems the DCCPA is not, in fact, dead – despite the shadow cast over it by Bankman-Fried’s ruined legacy.The DCCPA aims to amend the Commodity Exchange Act to give the Commodity Futures Trading Commission oversight of the crypto spot market.
Crypto commodity platforms, for their part, would be required to maintain a relationship with the CFTC similar to other commodity dealers. For example, they would need to keep good records for at least five years, share information with the CFTC upon request, appoint a chief compliance officer, and submit to provisions that protect against “fraud, deceit, and manipulation.”
Unlike several of its predecessors, the DCCPA also has a lengthy definitions section that carves out exemptions to the above rules for non-commodity platform entities, including software developers and validators. The CFTC is also not given jurisdiction over any crypto transactions used in the purchase of a good or service.
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