Despite the collapse of the FTX, US senators commit to advancing crypto legislation

Key points: 

• U. S. senators are pushing to finalize the Digital Commodities Consumer Protection Act. 
• This bill creates a regulatory framework that enables international cooperation and gives consumers greater confidence that their investments are safe. 
• The DCCPA would give the Commodity Futures Trading Commission increased regulatory powers over the industry.
• The law still needs to be passed by the U.S. Senate and House of Representatives and signed by the president to become law.

U.S. Senators Debbie Stabenow and John Boozman have doubled down on their commitment to release the final version of the 2022 Digital Commodities Consumer Protection Act (DCCPA) after the FTX shock collapsed.

For a short time, the crypto community was unsure how senators would respond to the FTX crisis — as the DCCPA bill is said to have strong support from FTX CEO Sam Bankman-Fried.

But members of the U.S. Senate Committee on Agriculture, Food, and Forestry confirmed their intentions in a Nov. 10 statement, noting that events this week demonstrate the clear need for increased federal oversight of the digital asset industry.”

"Chairman Stabenow and I remain committed to advancing the final version of DCCPA, which creates a regulatory framework that enables international cooperation and gives consumers greater confidence that their investments are safe," Senator Boozman wrote.

Bankman-Fried is considered a staunch supporter of the cryptocurrency bill. He has participated in several Senate hearings and published a paper titled “Possible Digital Asset Industry Standards” on October 19.

Senators did not provide further details on what stage DCCPA is at and when the bill will be released for Senate consideration.

The DCCPA Act was formally introduced to the U.S. Congress on August 3, 2022.

If enacted, the DCCPA would give the Commodity Futures Trading Commission (CFTC) — one of the two largest market regulators in the U.S. — increased regulatory powers over the industry.

The law still needs to be passed by the U.S. Senate and House of Representatives and signed by President Joe Biden to become law.