Despite the market crash, US Legislators promise to advance the cryptocurrency bill. Two U. S. member of the Senate stated that the failure of FTX highlights the demand for increased state supervision of the electronic possessions business enterprise. 

Details of the law

US members of the Senate vow to pass cryptocurrency regulation law in spite of the strong opposition from other lawmakers. Following the shocking failure of FTX, Legislators D. Stabenow and J. Boozman reaffirmed their seriousness in producing the last interpretation of the late proposed law on close-up view of cryptocurrency and regulation with the aim of consumer protection.

Sam Bankman-Freed, the CEO of FTX, is rumored to be a strong supporter of the DCCPA bill, so the crypto users and enthusiasts were unsure for a while about the possible way the members of the senate were going to react to the FTX sudden catastrophe. 

On the other hand, in a statement released on November 10, the United States Senate Administrative establishment on Agribusiness and Food reiterated their aims, stating that this week’s events highlight the demand for increased state supervision of the electronic possessions’ sphere.

Chairwoman Stabenow remains on the same page with her colleagues that are dedicated to progressing the last reading of the DCCPA. They are going to make a regulative supporting structure that will enable global collaboration and provide clients with more assurance that their investing is safe. 

The bill approval importance

Apparently, a fervent patron of cryptocurrency accounts, Bankman-Fried, participated in numerous U.S. Senate proceedings and, a month ago, he wrote an announcement entitled with the potential Business Criteria for Digital Assets. The senator omitted to elaborate on the location of the DCCPA or the date that the bill will be published for consideration by the Senate. 

 Business representatives suggest changes to the Stabenow-Boozman cryptocurrency regulation bill. August 3, 2022 marked the authoritative introduction of the DCCPA in the US Congress. This would be able to increase its regulatory authority in the industry if the DCCPA were to become law.

A bill necessitates to be approved by the Legislative assemblies and other state establishments of the US legal system like the Senate, and the president before it can be declared a legal document.