U.S. Senator John Boozman (R-AR), ranking member of the Senate Committee on Agriculture, Nutrition, and Forestry, released the following statement regarding the Digital Commodities Consumer Protection Act of 2022.
"The events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.
That has been our goal since we began drafting the Digital Commodities Consumer Protection Act of 2022.
Working closely with our colleagues, financial regulators, academics and a wide array of industry participants, we introduced a robust bill that aims to bring transparency and accountability to the market.
In light of these developments, we are taking a top-down look to ensure it establishes the necessary safeguards the digital commodities market desperately needs.
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.
While our legislative work continues, the Commodity Futures Trading Commission already has the ability to regulate and prosecute fraud, manipulation and abuse. I strongly encourage them to actively exercise those authorities when necessary."