In the wake of FTX’s unexpected collapse, US 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, 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 legislation was formally submitted to the US Congress.
The Commodity Futures Trading Commission (CFTC), one of the two U.S. market regulators, would be given more regulatory authority over the industry if the DCCPA becomes law.
In order for the measure to become law, it still needs to be approved by the US Senate and House of Representatives and be signed by President Joe Biden.
However, U.S. Senators John Boozman and Debbie Stabenow reaffirmed their dedication to completing and releasing a future crypto law in light of the news, noting the incident as well.
