Leaked Draft of US Congress’ ‘DeFi Killer’ Bill Sparks Debate

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Draft shows modifications to language that drew criticism for being incompatible with DeFi
Sam Bankman-Fried said the bill will provide customer protection without jeopardizing DeFi

Details around Bitcoin and Ethereum regulation have been “circulating secretly” in Washington, DC. Now, a copy of draft language for the Digital Commodities Consumer Protection Act (DCCPA), a bill in the US Congress, was uploaded to GitHub by crypto attorney Gabriel Shapiro. Views on the potential impact on decentralized finance (DeFi) are mixed.

The latest draft appears to cushion language perceived to be detrimental to DeFi — a category of blockchain-based solutions that aim to improve finance by replacing central intermediaries with software code.

It lays out what constitutes digital commodities, brokers, custodians, dealers and platforms. Also included in the document are rules and the core principles that apply to players in the digital commodities sphere.

Shapiro noted that the draft excludes people who develop or publish software from the term “digital commodity trading facility” — a move he said could be beneficial to the crypto industry by protecting software engineers. 

I have long been a believer in transparency and open discussion of the future of cryptolaw.

Accordingly, I have obtained a copy of a draft of the notorious DCCPA circulating secretly in D.C. and am hereby making it available to the public. https://t.co/JdyomquQi6 ... Read more

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