Castle Island Ventures founding partner and Coin Metrics co-founder Nic Carter says the so-called “DeFi killing” crypto bill circulating through Congress is likely dead on arrival.
In a new political thread on the state of crypto, Carter says the FTX-backed bill has lost its muster after the collapse of the exchange.
Disgraced FTX founder Sam Bankman-Fried supported legislative language that would “potentially require” decentralized finance platforms to attain operating licenses and user registrations.
But Carter says Bankman-Fried’s vision now appears to be toast, in part because the bankrupt crypto firm no longer has lobbyists to push for the bill’s passage.
“On the dreaded Digital Commodities Consumer Protection Act (DCCPA): hearing it’s dead.
Sen Boozeman said they will continue to pursue it, but virtually no chance House counterparts in Ag committee (soon to be led by Republican Glenn Thompson) will advance it. FTX lobbyists evaporated. No pull in DC anymore.”
Carter says a likely Republican takeover of the House would also bode well for the crypto industry.
“Importantly, Rep Emmer (cryptos #1 friend in the House) is campaigning for Whip. If he gets this, expect good things for the pro-crypto agenda. Emmer has been pushing hard on SEC Chairman Gary Gensler.
On the all important House financial services committee, Rep McHenry will take over from Maxine Walters. McHenry is pro crypto, has been very critical of Gensler.
Importantly, a Republican house has subpoena power and could use that to investigate Gensler’s FTX links. I’m hearing there was lots of chicanery around secret SEC side deals with FTX, allowing them to move onshore and gain amnesty.”
Carter says additional pro-crypto Republican-backed legislation to exempt early token projects from securities classifications, address Central Bank Digital Currency (CBDC) concerns and more could also see the light of day with a shift in the Congressional balance of power.
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