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Nic Carter, founding partner of Castle Island Ventures and co-founder of Coin Metrics, says the so-called “DeFi-killing” cryptocurrency bill circulating in Congress will likely be dead when it arrives. .
In a new political thread on the state of crypto, Carter says the FTX-backed bill has lost its momentum after the exchange’s collapse.
Disgraced FTX Founder Sam Bankman-Fried Supported Legal language that potentially requires a decentralized financial platform to obtain operational licenses and user registrations.
but carter To tell Bankman-Fried’s vision now looks like a toast, partly because there are no more lobbyists for bankrupt crypto companies to pass legislation.
“On the dreaded Digital Goods Consumer Protection Act (DCCPA): Hearing it’s over.
Sen Boozman said they would continue to pursue it, but effectively it is unlikely that the Ag Commission counterpart (led by Republican Glenn Thompson) would go ahead with it.The FTX lobbyists have evaporated. . He doesn’t need to pull in DC anymore. “
Carter said the likely Republican takeover of the House of Representatives would also bode well for the crypto industry.
Importantly, Congressman Emmer (Kryptos’ best friend) is campaigning for Whip. If he gets this, hopefully good for the pro-crypto agenda. Emer has pushed SEC Chairman Gary Gensler strongly.
Rep. McHenry will take over from Maxine Walters on the pivotal House Financial Services Committee. McHenry is a cryptocurrency pro and highly critical of Gensler.
Importantly, the Republican House of Representatives has the power of subpoenas, which it can use to investigate Gensler’s FTX links. I hear there was a lot of hustling around his secret SEC side trade with FTX.
Carter said additional Republican-backed pro-crypto bills, such as removing early token projects from the securities classification and addressing central bank digital currency (CBDC) concerns, will come to light along with the shifting balance of power in Congress. said that it is possible to see
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