After FTX: How Congress Is Gearing Up to Regulate Crypto

On that score, the Digital Commodities Consumer Protection Act from the leaders of the Senate Agriculture Committee enjoys more of an advantage, but it hasn’t achieved liftoff. One of that bill’s most prominent champions was Bankman-Fried, now sitting in his parents’ Palo Alto house wearing an ankle monitor. His aggressive lobbying on its behalf may have left a black mark on the effort. Decentralized finance (DeFi) advocates worried an early version of the bill would stomp on their business model, though that language seemed fluid late last year. The bill’s authors have said they still intend to get the effort to the Senate floor.