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US senators commit to advancing crypto bill despite FTX collapse

United States senators Debbie Stabenow and John Boozman have multiplied down on their commitment to distributing a last version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.

For a short time frame, the cryptocurrency community didn’t know how the senators would answer the FTX crises — as the DCCPA bill is perceived 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 goals in a Nov. 10 statement — expressing “the events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.”

“Executive Stabenow and I remain committed to advancing a last version of the DCCPA that creates an administrative system that allows for international participation and gives consumers greater confidence that their investments are safe,” wrote Senator Boozman.

Bankman-Fried is perceived 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.

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.


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