US senators decide to advancing crypto invoice regardless of FTX collapse

United States senators Debbie Stabenow and John Boozman have doubled down on their dedication to publishing a closing model of the Digital Commodities Client Safety Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.

For a short while, the cryptocurrency group wasn’t positive how the senators would reply to the FTX disaster — because the DCCPA invoice is known to have been strongly supported by FTX CEO Sam Bankman-Fried.

However the members of the U.S. Senate Committee on Agriculture, Diet and Forestry confirmed their intentions in a Nov. 10 assertion — stating “the occasions which have transpired this week reinforce the clear want for better federal oversight of the digital asset business.”

“Chairwoman Stabenow and I stay dedicated to advancing a closing model of the DCCPA that creates a regulatory framework that enables for worldwide cooperation and provides customers better confidence that their investments are protected,” wrote Senator Boozman.

Bankman-Fried is known to be a powerful supporter of the crypto invoice. He has attended a number of Senate Hearings and revealed a latest post titled “Attainable Digital Asset Trade Requirements” on Oct. 19.

The senators didn’t disclose further particulars as to what stage the DCCPA is at and when the invoice might be revealed for the Senate to overview.

Associated: Industry reps suggest improvements to Stabenow–Boozman crypto regulation bill

The DCCPA invoice was officially introduced into the U.S. Congress on Aug. 3. 2022.

If the DCCPA passes into legislation, it will grant the Commodity Futures Buying and selling Fee (CFTC) — one of many two U.S. market regulators — an extension of regulatory powers over the sector. 

The invoice will nonetheless should be handed by each the U.S. Senate and Home of Representatives and be signed by President Joe Biden with a purpose to turn into legislation.