After much criticism following his support for the uploaded DCCPA bill, FTX CEO Sam Bankman-Fried took to Twitter again to explain more about the bill.

Crypto attorney Gabriel Shapiro uploaded a copy of a Digital Commodities Consumer Protection Act (DCCPA) bill. According to Shapiro, the main purpose of sharing the bill was for the sake of “transparency and open debate about the future of crypto law.”

The bill appears to constitute an act said to be detrimental to DeFi, primarily a sector of blockchain-based solutions that aim to improve finance by replacing central intermediaries with software code.

After uploading the invoice, Sam Bankman-Fried expressed support for the framework of the bill, on his Twitter last Wednesday, saying that he was excited to see a bill that addresses customer protection in crypto. He adding that the bill would not jeopardize “the existence of software, blockchains, validators, DeFi, etc.”

Others disagree with the DCCPA bill

However, others, including Web3 Alliance DAO startup accelerator and Framework Ventures co-founder Vance Spencer, did not seem to buy into the idea of ​​what constitutes the bill.

DAO Alliance hit the bill saying the DCCPA is only trying to “threaten Defi innovation, give the CFTC new powers to regulate spot markets, force human brokerage, force projects to sacrifice decentralizationthey favor centralized incumbents and kill off startups.”

Meanwhile, because Sam Bankman-Fried initially supported the bill, some did not take it easy and began criticizing to the. Following those pushbacks and criticisms, the FTX CEO has now once again taken to his Twitter to further explain the DCCPA bill, which affects the DeFi sector.

FTX CEO drafts the bill

Sam Bankman-fried indicated that the core objective of the DCCPA bill is precisely to answer the question: “How can a regulated and centralized entity interact with DeFi?”

The indicated in particular, that the bill was “*not* intended to make claims about what DeFi developers, smart contracts, and validators should do,” but eventually “set guidelines on how, for example, the FTX platform, or fidelity–could interact with DeFi contracts.”

Sam Bankman-Fried also mentioned that he would only support a version that clarifies that developers and validators are not (and should not be regulated as) platforms.

In particular, the fear regarding the DCCPA bill is that it portrays that developers will not be able to build the interfaces they want, at least not without centralized entities benefiting from it.

Reactions to the drafting of the bill by the CEO of FTX

builder of ApeWorX Ltd. under the pseudonym “mr doggo”, aforementioned Sam Bankman-Fried’s elaborate Twitter thread notes that “it should *never* be the case that there is a mandate to access DeFi through the interface of a centralized broker.” Adding that, “developers should be allowed to build whatever interfaces they want.”

Despite further explanations from the FTX CEO, the reactions show that people are still not buying into the idea of ​​what constitutes the DCCPA bill. a tweet commented in the thread that says: “@SBF_FTX my damage control is a lot? It has so many points wrong, but the gist is that it is advocating the very opposite of what DeFi is. People don’t want to be regulated by corrupt financial systems that have failed.”

Speaking of Sam Bankman-Fried, the CEO of FTX recently made it clear that his brand is “fully compliant with regulation” and will welcome regulations pushed by lawmakers to guide innovations in the cryptocurrency ecosystem.

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