US Senators Debbie Stabenow and John Boozman have reiterated their intention to release a final draft of the Digital Commodities Consumer Protection Act 2022 in the wake of the sudden failure of FTX.
The DCCPA law was fiercely supported by Sam Bankman-Fried, the former CEO of FTX, therefore the cryptocurrency world was just not sure how senators would react to the FTX scenario for a brief period of time. In a declaration released on November 10, members of the US Senate Committee on Agriculture, Nutrition, and Forestry repeated their objectives.
“The events of this week highlight the clear need for more federal oversight of the digital asset sector,” said the statement.
“Chairwoman Stabenow and I are committed to moving forward with a final version of the DCCPA that sets a regulatory framework that allows for global cooperation and gives consumers greater confidence that their investments are safe,” stated Senator Boozman.
According to reports, Bankman-Fried is a key supporter of the cryptocurrency legislation. He has participated in numerous Senate hearings and published an article titled Possible Digital Asset Industry Standards on October 19.
The senators gave no further details regarding the present situation of DCCPA or the date whenever the bill will be submitted for Senate deliberation. The DCCPA bill was initially announced in the United States Congress on August 3.
The Commodity Futures Trading Commission (CFTC) will get additional regulatory control over the industry if the DCCPA is passed into law.
To become law, the measure still needs to be approved by the US Senate and House of Representatives and be signed by the President of the United States.