‘DeFi Killer’ Bill in the U.S. Congress Leaked to GitHub by Crypto Attorney

Crypto attorney Gabriel Shapiro has uploaded a draft copy for the Digital Commodities Consumer Protection Act (DCCPA) to GitHub, a bill in the U.S. Congress, which details regulation regarding bitcoin and Ethereum.

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The recent draft shows modifications to previous language that drew criticism for being incompatible with DeFi.

The bill defines what constitutes brokers, custodians, dealers, platforms, and digital commodities. The document also includes rules and core principles that apply to the crypto industry.

Shapiro stated the draft omits people who develop or publish software from the term “digital commodity trading facility.”

According to Shapiro, this be beneficial to the industry by protecting software engineers.

Shapiro expressed doubt over the origin of this exclusion, calling for other commentators to review the draft and voice their opinions.

The bipartisan bill was introduced by Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR) in August.

Their legislation clarifies that bitcoin and ether are to be classified as commodities, as opposed to securities that come under the ambit of the Securities and Exchange Commission — implying that the Commodity Futures Trading Commission (CFTC) would have exclusive jurisdiction over them.

After the introduction of the bill, The Washington Post reported Boozman said in a press call that the crypto industry “almost universally” prefers to be regulated by the CFTC.

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