US Senators Vow to Advance Crypto Bill Despite FTX Collapse

US Senators Debbie Stabenow and John Boozman have doubled down on their commitment to release a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) following the shocking collapse of FTX.

For a short time, the cryptocurrency community was unsure how senators would react to the FTX crisis – as the DCCPA bill was reportedly heavily backed 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 – ​​stating that “events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.”

“President Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that enables international cooperation and gives consumers greater confidence in the security of their investments,” Senator Boozman wrote.

Bankman-Fried is considered a strong supporter of the crypto bill. He attended several Senate hearings and published a recent Publish titled “Possible Digital Asset Industry Standards” on October 19.

The senators did not release additional details on the status of the DCCPA and when the bill will be released for the Senate to consider.

Related: Industry Representatives Suggest Improvements to Stabenow-Boozman Crypto Regulation Bill

The DCCPA Bill was officially presented in the US Congress on August 3, 2022.

If the DCCPA becomes law, it will grant the Commodity Futures Trading Commission (CFTC) – one of the two US market regulators – extended 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.