According to The Block, members of the U.S. Senate plan to advance the encryption bill "Digital Commodities Consumer Protection Act" drafted by bipartisan lawmakers, which aims to grant the U.S. Commodity Futures Trading Commission greater regulatory powers over cryptocurrency markets and exchanges. Debbie Stabenow, chairman of the Michigan Senate Agriculture Committee, said it was working with her Republican counterpart on the committee, Sen. John Boozman, R-Ark., and regulators to finalize the bill in preparation for a committee vote. Sam Bankman-Fried is a leading supporter of the bill.