The two U.S. Senators said the downfall of FTX clearly exemplified “the need for greater federal oversight of the digital asset industry.”
United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.
For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis — as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried.
But the members of the U.S. Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement — stating “the events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.”
“Chairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,” wrote Senator Boozman.
Bankman-Fried is understood to be a strong supporter of the crypto bill. He has attended several Senate Hearings and published a recent post titled “Possible Digital Asset Industry Standards” on Oct. 19.
The senators did not disclose additional details as to what stage the DCCPA is at and when the bill will be published for the Senate to review.
Related: Industry reps suggest improvements to Stabenow–Boozman crypto regulation bill
The DCCPA bill was officially introduced into the U.S. Congress on Aug. 3. 2022.
If the DCCPA passes into law, it would grant the Commodity Futures Trading Commission (CFTC) — one of the two U.S. market regulators — an extension of regulatory powers over the sector.
The bill will still need to be passed by both the U.S. Senate and House of Representatives and be signed by President Joe Biden in order to become law.