U.S. Senators Debbie Stabenow and John Boozman have increased their effort toward the crypto bill with recent happenings surrounding the downfall of FTX exchange.
In the wake of FTX’s unexpected collapse, two U.S. Senators Debbie Stabenow and John Boozman have redoubled their efforts to publish a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA).
The cryptocurrency world wasn’t sure for a brief period of time how the senators would react to the FTX situation because it is believed that FTX CEO Sam Bankman-Fried strongly backed the DCCPA bill.
However, in a statement released on November 10 that stated “the events that have unfolded this week highlight the clear need for more federal oversight of the digital asset business,” the members of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry confirmed their plans.
Senator Boozman stated, “Chairwoman Stabenow and I remain dedicated to advancing a final version of the DCCPA that establishes a legal framework that permits global cooperation and increases consumer confidence that their investments are secure.”
According to reports, Sam Bankman-Fried strongly supports the crypto measure. He has participated in numerous Senate Hearings and, on October 19, he wrote a post titled “Possible Digital Asset Industry Standards.”
The senators withheld further information regarding the DCCPA’s status and the date the bill will be submitted for consideration by the Senate.
On August 3, 2022, the DCCPA bill was formally introduced into the US Congress. If the DCCPA becomes law, it would extend the regulatory authority of the Commodity Futures Trading Commission (CFTC), one of the two U.S. market regulators, over the industry.
To become law, the measure still needs to be approved by the US Senate and House of Representatives and signed by President Joe Biden.
