Bankman-Fried-backed bill on hold until next Congress, says Senate chair

Quick Take

  • The crypto exchange legislation will have to wait until the next Congress convenes in January. 

The Digital Commodities Consumer Protection Act, or DCCPA, whose association with Sam Bankman-Fried has come under added scrutiny following FTX's collapse, is on pause until next year.

Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., confirmed the delay after a hearing on the topic with Commodity Futures Trading Commission Chair Rostin Behnam, another proponent of the bill. "We look forward going into the new year, given the fact that this is December," Stabenow said.

“It’s not even close to being in the form that it will be in,” said Sen. Sherrod Brown, D-Ohio, of the bill, though he signaled some openness to Behnam’s core ask for more regulatory authority over crypto commodities, “I’m certainly open to him having that authority.”

Brown sits on the Senate Agriculture Committee but also presides over the Senate Banking Committee, which oversees the Securities and Exchange Commission, and has broader authority over financial regulations. 

Behnam insisted during the hearing that there is no "turf war" between the government agencies over regulation of cryptocurrencies, though SEC Chair Gary Gensler has cast doubt on the legislation, and separate public remarks by the two agency heads suggest they may not be on the same page over the legal status of ether, the second-largest cryptocurrency by market capitalization. 

Speaking to reporters after the hearing, Behnam emphasized cooperation with the SEC, which has a broader purview and more resources. 

“This is about two agencies working together, doing what we’ve done historically,” Behnam said.

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