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# of congressional hearings on DeFi: 0 # of CFTC public meetings on DeFi: 0 # of fed reports with focus on DeFi: 0 We need open discussion and debate before locking in a framework that regulates the next generation of financial infrastructure. #DeFi

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SBF

@SBF_FTX

Replying to

@KMSmithDC

100% agree that we should not lock in the future of DeFi! ...and I don't think anything is going to do that, but if DCCPA language comes out such that it does prescriptively lock in DeFi then that's bad. (But I don't think it will!)

12:54 PM · Oct 21, 2022Twitter Web App

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and

The concern is that the current DCCPA language *does* do that by giving the CFTC total authority over DeFi via overbroad "digital commodity platform" definitions, while at the same time the CFTC expresses an untenable anti-DeFi view in the Ooki DAO case.

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Jake Chervinsky

@jchervinsky

Sep 15

9/ Second, the bill could be interpreted as a ban on DeFi. The “digital commodity platform” definitions are all designed for centralized custodial markets. Yet, as @SenGillibrand sharply pointed out, they also might capture DeFi protocols—no more than code—which can't comply.

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and

So the question is whether the next draft of the DCCPA adequately addresses these concerns such that the DeFi community can feel good supporting it. We appreciate your help advocating for changes to the bill to make sure these issues get fixed!