Senator Lummis rejects SBF's 'unwanted' support for crypto bill

U.S. Senator Cynthia Lummis has condemned an endorsement of the crypto market structure bill (CLARITY) by FTX founder Sam Bankman-Fried, who is currently imprisoned on fraud charges. SBF had previously stated on X that the bill would be a "huge milestone" for the crypto industry and a "big win" for President Donald Trump. He added that when former SEC Chairman Gary Gensler and the Biden administration's Department of Justice worked to imprison him, he was supporting a similar bill to move crypto oversight out of Gensler's hands. The legislation SBF referred to was the Digital Commodity Consumer Protection Act (DCCPA), which would have expanded the CFTC's jurisdiction over crypto exchanges and spot markets. In response, Lummis countered that the market structure bill is "completely different" from the legislation SBF had tried to influence. "We don't need or want SBF's support," she stated.