According to The Block, Sen. Debbie Stabenow, D-Mich. plans to serve out the rest of her term, which will end in early 2025. Stabenow chairs the Senate Agriculture Committee, which has jurisdiction over the Commodity Futures Trading Commission. Stabenow co-authored legislation that would expand the CFTC’s jurisdiction over crypto exchanges and spot markets; the bill had the support of both former FTX CEO Sam Bankman-Fried.
Stabenow and her coauthor, Sen. John Boozman, R-Ark. stated the bill remains necessary to tighten rules around crypto exchanges following the FTX collapse. The Democrat and her Republican counterpart on the committee, Boozman, pledged last month to rework and reintroduce the bill during this Congress.