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Draft of the WIP Digital Commodities Consumer Protection Act Bill Leaked

Decrypt | Oct 19, 2022

Washington DC - Draft of the WIP Digital Commodities Consumer Protection Act Bill Leaked

Image: Unsplash/Harold Mendoza

Delphi Labs General Counsel Gabriel Shapiro has uploaded a draft copy of the hotly debated DCCPA, which he says has been “circulating secretly in D.C.”

  • DCCPA: A copy of the still in-progress Digital Commodities Consumer Protection Act (DCCPA), which outlines how the Commodities Futures Trading Commission would regulate the crypto industry, was uploaded to GitHub today.
  • FTX and Coinbase support: The DCCPA was introduced by Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR) in August. Since then, Coinbase and FTX CEO Sam Bankman-Fried have been openly supportive of it. It’s also gained some traction because it offers an alternative to what has been described as regulation-by-enforcement strategy from the SEC.
    • On Wednesday, Sam Bankman-Fried shared a link to a 3,700-word blog post outlining his thoughts on how the digital asset industry should be regulated. In it, he writes that DeFi is “ one of the trickier things” to account for in a regulatory framework.

See:  California State Assembly Passes Crypto Regulation Bill That is Criticized by Industry Stakeholders

  • Centralized vs Decentralized: But both Coinbase and FTX, centralized entities, have drawn criticism for supporting a bill that has been interpreted as a threat to the decentralized protocols in the industry, such as those that power decentralized exchanges like Uniswap.
  • Jake Chervinsky, head of policy at the Blockchain Association summed up the testimony he gave during a September 15 hearing, on Twitter. At the time, he said that the language in the bill would treat all of the crypto industry like centralized entities. But that would make it difficult for DeFi protocols, “no more than code,” to comply with regulations.

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