- The leaked crypto bill draft is Boon or Bane for the crypto sector.
Earlier in October 2022, The Draft of the DCCPA Bill shook up the DeFi market and experts, users and investors were about the draft.
The preliminary version of the Digital Commodities Consumer Protection Act(DCCPA) was widely circulated on social media by several users and popular crypto enthusiasts with their assumptions and beliefs.
Some analysts and experts call it a ‘Boon’ for the DeFi industry, while others define it as a ‘Bane’ for the sector.
The leaked version of the so-called ‘DeFi Killing’ crypto bill is drafted in 31 pages, and Delphi Labs posted the version of the Leak document.
General Counsel of Delphi Labs Gabriel Shapiro posted the leaked bill draft on his Twitter, noting that “he believes in transparency and open discussion.”
Nic Carter, the co-founder of Coin Metrics and member of the founding team of Castle Island, noted that the so-called “DeFi Killing” will be dead after its introduction in the market officially.
Nic termed the Bill as FTX, backed bill and believes that after the collapse of the FTX exchange, the assumes that the bill will not be able to sustain itself in the market for a longer time.
According to an official press release of FTX, it is noted that approximately 130 additional companies associated with FTX are on the brink of filing for bankruptcy in upcoming times.
FTX partially collapsed on 9 November 2022, and a day after that, Bloomberg delisted Sam Bankman-Fried from the global billionaire list.
Reliable reports also noted that the Chief executive officer of FTX, Sam Bankman-Fried, has resigned from his post.
On 19 October 2022, supporting the bill website of FTX policy officials posted a long form of description and benefits of the drafts.
But Carter says that Bankman-Fried’s vision appears to be somewhat bleak now, as FTX filled bankruptcy yesterday crypto firm no longer has influencers to push for the bill’s passage.
On 19 October 2022, Sam Bankman Fried, Chief Executive Officer and founder of FTX, posted on his Twitter handle that he still believes DCCPA will functionally create a regulatory structure for centralized exchanges “without affecting the existence of software, blockchains, Validators, DeFi, etc.”
In mid of September 2022, Jake Chervinsky, head of policy at the Blockchain Association, posted on Twitter regarding DCCPA.
Chervinsky noted that “The DCCPA gives the CFTC authority to regulate trades in a new asset type, a “digital commodity.” It also gives the CFTC authority to regulate a new entity category, a “digital commodity platform,” including – brokers – dealers – custodians – trading facilities (exchanges).”
Source: https://www.thecoinrepublic.com/2022/11/12/ftx-backed-law-likely-to-tumble-on-launch-nic-carter/