After much criticism following his assistance of the uploaded DCCPA bill, FTX CEO Sam Bankman-Fried has actually once again required to Twitter to describe more on the bill.
Crypto lawyer Gabriel Shapiro submitted a copy of a draft bill from the Digital Commodities Consumer Protection Act (DCCPA. According to Shapiro, the primary function of sharing the bill remained in the interest of “transparency and open discussion of the future of cryptolaw.”
The bill appears to make up an act that is stated to be damaging to DeFi, primarily a sector of blockchain-based services that intend to enhance finance by changing main intermediaries with software application code.
Following the upload of the bill, Sam Bankman-Fried expressed support for the structure of the draft bill, requiring to his Twitter last Wednesday, stating he was delighted to see a bill that resolves consumer defense in crypto. Adding that the bill would not endanger “the existence of software, blockchains, validators, DeFi, etc.”
Others Disagree with The DCCPA Bill
However, others, consisting of Web3 start-up accelerator Alliance DAO and Framework Ventures’ co-founder Vance Spencer didn’t appear to purchase the concept of what the bill makes up.
Alliance DAO bashed the bill stating the DCCPA is just attempting to “threaten the Defi development, offer CFTC brand-new powers to control area markets, force human intermediation, force tasks to compromise decentralization, favour centralized incumbents and eliminate start-ups.’’
Meanwhile, as Sam Bankman-Fried at first supported the bill, some did not relax on him and started criticizing him. Following those pushbacks and criticism, the FTX CEO has now when again required to his Twitter to even more describe the DCCPA bill, which impacts the DeFi sector.
FTX CEO Elaborates On The Bill
Sam Bankman-Fried noted that the core objective of the DCCPA bill is exactly to address the concern: “How can a regulated, centralized entity interface with DeFi?”
He noted in specific that the bill was “*not* to make claims about what DeFi devs, smart contracts, and validators must do,” however to ultimately “establish guidelines about how, e.g. FTX’s platform–or Fidelity’s–could interface with DeFi contracts.”
Sam Bankman-Fried likewise even more discussed that he’d just support a variation clarifying that designers and validators are not (and should not be managed as) platforms.
Notably, the worry worrying the DCCPA bill is that it represents that designers won’t be permitted to develop whatever user interfaces they desire — a minimum of, not without central entities gaining from it.
Reactions To FTX CEO Elaboration On The Bill
ApeWorX Ltd. home builder with the pseudonymous “señor doggo,” quoted Sam Bankman-Fried’s elaborative Twitter thread keeping in mind that “it should *never* be the case that there is a mandate to access DeFi through a centralized intermediary’s interface.” Adding that, “Devs should be allowed to build whatever interfaces they want.”
Despite FTX CEO’s more descriptions, responses reveal individuals still do not purchase the concept of what the DCCPA bill makes up. A tweep commented on the thread stating, “@SBF_FTX my damage control much? You’ve got so many points wrong, but the gist of it is that you are advocating for the complete opposite of what DeFi is. People do not want to be regulated by corrupt financial systems that have failed.”
Speaking of Sam Bankman-Fried, the FTX CEO just recently made it clear that his brand name is “totally on board with regulation” and will invite guidelines pressed by legislators to assist developments in the cryptocurrency community.
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