According to The Block, Debbie Stabenow, chairman of the Senate Agriculture Committee, who previously drafted the expansion of the U.S. Commodity Futures Trading Commission (CFTC)’s jurisdiction over encrypted exchanges and spot markets, said that she will step down after the end of the current term (until 2025).

The bill, previously introduced by Debbie Stabenow, has the support of former FTX CEO Sam Bankman-Fried (SBF). After FTX filed for bankruptcy, Debbie Stabenow and Senator John Boozman, who previously co-authored the bill, said that the bill is still necessary to tighten the regulation of cryptocurrency exchanges. amended and reintroduced during the current Congress.