United States Senators Debbie Stabenow and John Boozman have doubled down on their commitment to publish a final version of the Digital Products Consumer Protection Act of 2022 (DCCPA) in the wake of the shocking collapse of FTX.
For a short time, the cryptocurrency community was unsure how 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 members of the US Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement; they stated that “the events that have occurred this week reinforce the clear need for increased federal oversight of the digital asset industry”.
“Chairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that will create a regulatory framework that will enable international cooperation and give consumers greater confidence that their investments are safe.”Senator Boozman wrote.
Bankman-Fried is known to be a strong supporter of the cryptocurrency bill. He has attended several Senate hearings and published a recent post titled “Potential Digital Asset Industry Rules” on Oct. 19.
The senators did not disclose additional details as to the stage the DCCPA is in and when the bill will be published. for the Senate to review.
The DCCPA bill was officially introduced in the United States Congress on August 3, 2022.
If the DCCPA becomes law, it would give the Commodity Futures Trading Commission (CFTC) -one of the two regulators of the US market- an expansion of regulatory powers over the sector.
The bill will still need to pass the US Senate and House of Representatives and be signed by President Joe Biden to become law..
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