US Senators Commit To Forward The Crypto Bill Despite The FTX Collapse

In the wake of FTX’s unexpected collapse, US senators Debbie Stabenow and John Boozman have redoubled their efforts to publish a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA).

The cryptocurrency world wasn’t sure for a brief period of time how the senators would react to the FTX situation because it is believed that FTX CEO Sam Bankman-Fried strongly backed the DCCPA bill.

However, in a statement released on November 10 that stated “the events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry,” the members of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry confirmed their intentions.

In the wake of FTX’s unexpected collapse, US senators Debbie Stabenow and John Boozman have redoubled their efforts to publish a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA).

The cryptocurrency world wasn’t sure for a brief period of time how the senators would react to the FTX situation because it is believed that FTX CEO Sam Bankman-Fried strongly backed the DCCPA bill.

However, in a statement released on November 10 that stated “the events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry,” the members of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry confirmed their intentions.

According to reports, Bankman-Fried strongly supports the crypto measure. He has participated in numerous Senate Hearings and, on October 19, he wrote a post titled “Possible Digital Asset Industry Standards.”

The senators withheld further information regarding the DCCPA’s status and the date the bill will be published for consideration by the Senate.

DCCPA bill was formally introduced into the US Congress

If the DCCPA becomes law, it would extend the regulatory authority of the Commodity Futures Trading Commission (CFTC), one of the two U.S. market regulators, over the industry.

To become law, the measure still needs to be approved by the US Senate and House of Representatives and signed by President Joe Biden.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News