Summary
- Sam Bankman-Fried said crypto market-structure legislation and the CLARITY Act would be a major milestone for the crypto industry.
- He claimed he had backed legislation similar to the Digital Commodity Consumer Protection Act (DCCPA) to strip former SEC Chair Gary Gensler of authority over crypto regulation, adding that Gensler had sent him to prison.
- Senator Cynthia Lummis dismissed SBF’s endorsement, saying the market-structure bill now under discussion differs from the bill SBF once tried to buy Congress for and that his support is unnecessary.
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U.S. Senator Cynthia Lummis on the 26th (local time) issued a sharp rebuttal via her official X (formerly Twitter) account after FTX founder Sam Bankman-Fried (SBF), who is serving a prison sentence on fraud charges, expressed support for the CLARITY Act, a cryptoasset (cryptocurrency) market-structure bill.
Earlier, SBF wrote on X (formerly Twitter) that “crypto market-structure legislation will be a huge milestone for the crypto industry, and a major achievement for President Donald Trump as well.”
He went on to claim, “When former SEC Chair Gary Gensler worked with the Biden administration’s Justice Department to send me to prison, I was supporting similar legislation to strip him of his authority over crypto regulation.”
The bill he referenced is the Digital Commodity Consumer Protection Act (DCCPA), which would expand the Commodity Futures Trading Commission’s (CFTC) jurisdiction over crypto exchanges and spot markets.
In response, Lummis said, “The market-structure bill currently under discussion is completely different from the one SBF previously tried to buy Congress for,” adding, “We neither need nor want SBF’s support.”
The exchange is seen as underscoring once again the political sensitivities surrounding crypto regulatory legislation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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