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As the U.S. Midterm elections are underway, Senate members are increasingly talking about the dire need for ‘stringent’ crypto regulations amid the collapse of one of the world’s largest cryptocurrency exchanges, FTX FTT/USD.

What Happened: Sen. Agriculture Committee Chair Debbie Stabenow (D-Mich) tweeted that the recent collapse of a major cryptocurrency exchange reinforces the urgent need for “greater federal oversight” for the crypto industry.

She said that “consumers continue to be harmed by the lack of transparency and accountability in this market,” adding “….it is time for Congress to act.”

See Also: Best Cryptocurrency Exchanges 

Stabenow noted that she is working with her Republican counterpart on the committee, Sen. John Boozman (R-Ark), and regulators to finalize the Digital Commodities Consumer Protection Act (DCCPA) bill in preparation for a committee vote. DCCPA gives power to the Commodity Futures Trading Commission (CFTC) to regulate the trading of digital commodities. This bill was backed by Sam Bankman-Fried, co-founder of the crypto exchange FTX.

“Chairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,” Boozman said.

On Thursday, Sen. Banking Committee Chair Sherrod Brown reportedly said that it is critical that U.S. financial agencies “look into what led to FTX’s collapse”.

“I’m committed to finding the best path forward to protect consumers and the stability of the U.S. markets and banking system.”

Price Action: FTT is currently trading at $3.21, up 42% at the time of writing, according to Benzinga Pro.

Read Next: Dogecoin Soars, Bitcoin, Ethereum Recover Some Ground After Inflation Data: Analyst Says ‘FTX Contagion Risks Remain Elevated’


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