US Senators Remain Committed to Passing Cryptocurrency Legislation Despite FTX's Failure

The two U.S. Senators asserted that the collapse of FTX evidenced “the need for greater federal oversight of the digital asset industry.”

US Senators Debbie Stabenow and John Boozman have strengthened their promise to present the conclusion of the Digital Commodities Consumer Protection Act 2022 (DCCPA) following FTX's surprising downfall.

The crypto community was unsure of how U.S. Senators would react to the FTX dilemma, given that Sam Bankman-Fried, CEO of FTX, is said to be a vigorous proponent of the DCCPA bill.

The U.S. Senate Committee on Agriculture, Nutrition and Forestry reaffirmed their commitment on Nov. 10 with a statement saying, “the events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.''

“Chairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,” wrote Senator Boozman.

Fred Bankman-Fried is widely known for his dedication to the crypto bill. He has been an active participant in multiple Senate Hearings, as well as publicizing a post titled “Possible Digital Asset Industry Standards” on Oct. 19.

The senators did not reveal any information about how far along the DCCPA is in its process or when the bill will be available for the Senate to review.

On August 3, 2022, the DCCPA bill was officially introduced into the United States Congress.

If the DCCPA is passed into law, the Commodity Futures Trading Commission (CFTC) - one of two United States market regulators - will be given greater regulatory authority over the sector.

In order for the bill to become law, it must be passed by the U.S. Senate and House of Representatives and then signed by President Joe Biden.