​By Chu Chen - Edited by Cindy Kuang

In only one week, FTX went from the world's second-biggest cryptocurrency exchange to an epic bankruptcy. As its fallout sweeps across the entire crypto industry, the sudden implosion of FTX reveals a market that has long been deemed a regulatory wild west and prospered only in the vacuum of legislation.This crisis draws people’s attention to a recent bill allegedly backed by Sam Bankman-Fried, FTX’s founder. On August 3, 2022, Sen. Debbie Stabenow (D-MI) and Sen. John Boozman (R-AR) introduced the Digital Commodities Consumer Protection Act of 2022 (DCCPA) to the Senate Agriculture Committee. As the latest effort among a series of crypto bills floating around Congress, the DCCPA seeks to create a comprehensive supervisory regime centered on a newly defined...