Senator Stabenow who masterminded the “SBF Crypto Bill” will not seek re-election

Michigan Senator Debbie Stabenow announced she will step down from office in January 2025.

The politician was one of the creators of cryptocurrency legislation that could give the CFTC exclusive jurisdiction to oversee the market. Interestingly, the former CEO of FTX – Sam Bankman-Fried – was a vocal supporter of the bill, which received the nickname: “the SBF crypto account”.

Passage of the torch

Senator Stabenow, Michigan’s first woman elected to the US Senate, will start its location in the upstate:

“Inspired by a new generation of leaders, I have decided to pass the baton to the United States Senate. I announce today that I will not seek re-election and will leave the United States Senate at the end of my term on January 3, 2025.”

Senator Debbie Stabenow
Senator Debbie Stabenow, Source: CNBC

He said his main focus over the next two years will be on the well-being of local people and creating job opportunities in urban and rural communities. The politician has vowed to continue serving Michigan outside of the Senate as well, spending more time with his family.

He teamed up with Senators John Boozman, Cory Booker and John Thune in August last year to introduce the Digital Commodities Consumer Protection Act. The potential bill aims to give the CFTC greater authority in monitoring the cryptocurrency industry and thereby protect consumers from fraud. However, critics have warned that it could negatively affect decentralized finance (DeFi).

One of the outspoken supporters of the legislation was Sam Bankman-Fried. He also reported donated over $56,000 to Senator Stabenow and related funds. The Michigan politician has received input from other former FTX executives, such as Ryne Miller, Mark Wetjen and Zachary Dexter.

SBF donations

The 30-year-old, who faces several charges following the collapse of his company in November 2022, has donated large sums to US politicians in recent years.

He gifted Joe Biden’s 2020 presidential campaign surpassed $5 million, while later sources indicated which has also given millions to the Republicans.

Other lawmakers who received the former cryptocurrency mogul’s funds include the likes of 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.

Other reports hinted that SBF was also bribing the media so they could portray him as a humble person running an entirely legal entity. The Tesla CEO was among those who believed in this thesis, said in December:

“If SBF were as good at running a cryptocurrency exchange as they were at bribing the media, FTX would still be solvent!”

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