‘DeFi-Killing’ Crypto Law Appears To Be Dead on Arrival, According to Castle Island Ventures Founder Nic Carter

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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 bill has lost its muster after the col­lapse of FTX.

Dis­graced FTX founder Sam Bankman-Fried said he backed 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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/A. Solano/Nikelser Kate



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