Senator Stabenow, Creator of ‘SBF Crypto Bill,’ Will Not Run for Re-Election
Senator Debbie Stabenow will step down from her position in January 2025 after receiving a substantial donation from SBF.
End of an Era?
Michigan Senator Debbie Stabenow announced that she will be leaving her position in January 2025. Stabenow was one of the driving forces behind cryptocurrency legislation that could give the CFTC sole jurisdiction in overseeing the market.
The former CEO of FTX, Sam Bankman-Fried, supported the bill, which was nicknamed “the SBF crypto bill.”
Senator Stabenow announced that her main focus for the next two years will be improving the well-being of Michigan’s communities and creating job opportunities in both urban and rural areas. She also vowed to continue serving the state, even outside of the Senate, while prioritizing time with her family. Last August,
Stabenow collaborated with Senators John Boozman, Cory Booker, and John Thune to propose the Digital Commodities Consumer Protection Act, which aims to give the CFTC more authority in regulating the cryptocurrency industry and protecting consumers from fraud.
However, some have expressed concern that the bill could have negative impacts on decentralized finance (DeFi).
SBF’s Long Hand of “Benevolence”
Sam Bankman-Fried, the former CEO of FTX, was a vocal supporter of the proposed legislation and reportedly donated over $56,000 to Senator Stabenow and associated funds. Additionally, former FTX executives Ryne Miller, Mark Wetjen, and Zachary Dexter made contributions to the Michigan politician.
Bankman-Fried made significant donations to various U.S. politicians over the past years, including over $5 million to the Joe Biden presidential campaign in 2020 and millions to Republican candidates as well.
Some of the lawmakers who received funds from Bankman-Fried include Senators Kirsten Gillibrand of New York, Cory Booker of New York, Maggie Hassan of New Hampshire, Susan Collins of Maine, and Lisa Murkowski of Alaska. Bankman-Fried faces multiple charges in connection with the collapse of his firm in November 2022.
There were reports suggesting that SBF was attempting to bribe media outlets in order to portray himself as a honest individual who ran a legitimate business.
Tesla’s CEO commented on this in December, stating, If SBF was as skilled at managing a cryptocurrency exchange as he was at trying to bribe the media, FTX would still be financially stable.
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