• Senator Debbie Stabenow has announced that she will not seek re-election in January 2025.
• She was one of the creators of cryptocurrency legislation which could empower the CFTC with exclusive jurisdiction when overseeing the market.
• Former CEO of FTX, Sam Bankman-Fried, was a vocal supporter of the bill which received the nickname ‘the SBF crypto bill’.
Senator Debbie Stabenow, the first woman from Michigan elected to the United States Senate, has announced that she will not seek re-election in January 2025. This news comes after the Senator received a significant donation from SBF.
The Senator was one of the main drivers of cryptocurrency legislation that could empower the CFTC with exclusive jurisdiction when overseeing the market. This bill, which was nicknamed ‘the SBF crypto bill’, was met with approval from the former CEO of FTX, Sam Bankman-Fried. He was a vocal supporter of the bill, and Stabenow’s decision to vacate her post in the Northern state has been seen as a positive step forward for the bill.
In her statement on the matter, Stabenow said: “Inspired by a new generation of leaders, I have decided not to seek re-election to the United States Senate in 2025. It has been my honor to serve the people of Michigan and I am proud of what we have accomplished. I am confident that a new generation of leaders will step up and make their voices heard.”
The Senator’s decision to step down from her post has been met with both praise and criticism from different parts of the political spectrum. Supporters of Stabenow’s decision have pointed out that the Senator has been a driving force behind numerous pieces of legislation, including the SBF crypto bill, which would provide much needed clarity and guidance in the cryptocurrency space.
On the other hand, detractors have argued that Stabenow’s departure may be a setback for the bill and that her retirement could potentially lead to a power vacuum in the Senate. Regardless, Stabenow’s influence on the cryptocurrency space is undeniable and her retirement will certainly be felt by the industry in the coming years.
It remains to be seen who will take Stabenow’s place in the United States Senate and what changes, if any, will be made to the SBF crypto bill. However, one thing is certain: Stabenow’s legacy will live on in the form of the cryptocurrency legislation she helped create.