The two United States Senators said that the demise of FTX was a strong illustration of “the necessity for tighter government control of the digital asset business.”
In the aftermath of FTX’s startling failure, United States senators Debbie Stabenow and John Boozman have reaffirmed their intention to release the full text of the Digital Commodities Consumer Protection Act 2022 (DCCPA).
As the DCCPA law is believed to have been highly backed by FTX CEO Sam Bankman-Fried, the cryptocurrency world was initially uncertain about how senators would react to the FTX situation.
In a statement released on November 10th, the Senate Committee on Agriculture, Nutrition, and Forestry reaffirmed their plans, saying, “the events that have unfolded this week highlight the evident need for increased government control of the digital asset business.”
In a letter to Senate Majority Leader Stabenow, Senator John Boozman said, “Chairwoman Stabenow and I continue dedicated to achieving a final version of the DCCPA that sets a regulatory framework that allows for international collaboration and offers consumers more confidence that their investments are secure.”
It is said that Bankman-Fried is a staunch backer of the crypto bill. On October 19, he released a blog post titled “Possible Digital Asset Industry Standards” after attending numerous Senate hearings.
The senators did not share more information on the DCCPA’s current status or when the measure would be released for Senate scrutiny.
The DCCPA bill was introduced formally in the United States. If the DCCPA becomes law, the Commodity Futures Trading Commission (CFTC), one of the two U.S.-regulated entities would have expanded authority to oversee the industry.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.