Friday, December 2, 2022

US senators commit to advancing crypto bill despite FTX collapse

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United States senators Debbie Stabenow and John Boozman have doubled down on their dedication to publishing a ultimate model of the Digital Commodities Shopper Safety Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.

For a short while, the cryptocurrency group wasn’t certain how the senators would reply to the FTX disaster — because the DCCPA invoice is known to have been strongly supported by FTX CEO Sam Bankman-Fried.

However the members of the U.S. Senate Committee on Agriculture, Diet and Forestry confirmed their intentions in a Nov. 10 assertion — stating “the occasions which have transpired this week reinforce the clear want for larger federal oversight of the digital asset business.”

“Chairwoman Stabenow and I stay dedicated to advancing a ultimate model of the DCCPA that creates a regulatory framework that enables for worldwide cooperation and provides shoppers larger confidence that their investments are protected,” wrote Senator Boozman.

Bankman-Fried is known to be a powerful supporter of the crypto invoice. He has attended a number of Senate Hearings and revealed a latest post titled “Doable Digital Asset Business Requirements” on Oct. 19.

The senators didn’t disclose further particulars as to what stage the DCCPA is at and when the invoice will likely be revealed for the Senate to overview.

Associated: Industry reps suggest improvements to Stabenow–Boozman crypto regulation bill

The DCCPA invoice was officially introduced into the U.S. Congress on Aug. 3. 2022.

If the DCCPA passes into legislation, it will grant the Commodity Futures Buying and selling Fee (CFTC) — one of many two U.S. market regulators — an extension of regulatory powers over the sector. 

The invoice will nonetheless have to be handed by each the U.S. Senate and Home of Representatives and be signed by President Joe Biden with a view to turn into legislation.