Amidst the FTX collapse, Debbie Stabenow, the U.S. Senate Agriculture Committee chair, has reiterated the importance of finalizing the Digital Commodities Consumer Protection Act 2022 (DCCPA). She tweeted;
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Senator Stabenow tweeted that the recent collapse of FTX reinforces the urgent need for “greater federal oversight” of the crypto industry. She added that she was working with Senator John Boozman to finalize the DCCPA.
Senator Stabenow has called on Congress to act fast because consumers are “harmed by the lack of transparency and accountability in this market.” She also called on financial regulators to use their current authorities “to the fullest extent to regulate and prosecute misconduct in these markets.”
The DCCPA bill, when passed, will give power to the Commodity Futures Trading Commission (CFTC) to regulate the trading of digital commodities. On Thursday, Senator Banking Committee Chair Sherrod Brown called for an investigation into the collapse of FTX.
The DCCPA bill looks to protect customers by introducing necessary safeguards to the cryptocurrency trading market.
Read about FTX’s investigation below:
US Justice Department and SEC are Investigating the FTX Crisis
Get the latest update in the FTX saga below:
Bankman-Fried Apologizes for FTX (FTT) Crisis, Says Alameda Research Is “Winding Down Trading”
See original on DailyCoin
Source: Cryptocurrency - investing.com
