The regulatory legislation supported by embattled former FTX CEO Sam Bankman-Fried will be back in the spotlight during the first congressional hearing on FTX’s collapse.

Though the Senate bill’s authors have pledged to push forward on the bill, to create guardrails for U.S. consumers against crypto collapses similar to FTX’s, other senators aren’t sure about moving forward with the Digital Commodities Consumer Protection Act.

The bill, which was a major topic during Bankman-Fried’s numerous visits to Washington over the last several months, will be a major topic of conversation during today’s hearing, as its other major proponent — Commodity Futures Trading Commission Chair Rostin Behnam — testifies before the committee again on the topic. The agency head previewed a defense of the bill earlier this week during a public interview.

''I think it's important that we fill this regulatory gap before more harm is done to retail investors and institutional investors as well,'' Behnam told a Financial Times crypto asset conference. 

(By Colin Wilhelm)