A lobbying push from FTX CEO Sam Bankman-Fried over a bill to create a new regime around bitcoin and other digital assets has been met with resistance from DeFi advocates in Washington.
Decentralized finance advocates are scrambling to slow the passage of a digital asset regulation bill until next year, teeing up a struggle between some of crypto’s largest players, with Washington lawmakers in the middle.
Though the DCCPA could ultimately result in a clearer legal structure around large portions of crypto markets, much of the industry has begun to push back, as decentralized finance projects especially worry about being left out in the cold. The bill applies only to cryptocurrencies that could be labelled digital commodities, and most DeFi tokens are unlikely to fall under that category.
"We convened a small policy-focused meeting of some of Messari's customers, investors and partners during DC Fintech Week ,” Selkis said in an email. “It's important we get this right, without rushing to pass legislation that could inadvertently hurt emerging protocols and software developers,” he added.
— would be regulated by the CFTC. Others, including Bankman-Fried, characterized the bill as a step in the right direction for crypto.on the topic with ShapeShift CEO Erik Voorhees last Friday. “Even where I think it might not be the most effective way to accomplish the goal.”discussed giving the Securities and Exchange Commission formal sign off
“Given the litany of other congressional priorities before the end of the year, inclusion in any final omnibus package is far from certain, and it will likely continue to be a topic of debate and consideration for the new Congress,” Grieve said in a written response.some DeFi proponents.
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