Major bill on Cryptocurrencies in U. S. Postponed
2023.01.05 13:54
Major bill on Cryptocurrencies in U. S. Postponed
Budrigannews.com – The chair of the United States Senate Agriculture Committee, Michigan Senator Debbie Stabenow, has announced that she will step down in 2025.
Stabenow said on Jan. 5 that she would finish her six-year Senate term and then “pass the torch” to other lawmakers in the United States. The senator was one of the lawmakers who introduced the Digital Commodities Consumer Protection Act, or DCCPA. This bill aims to make cryptocurrencies’ regulations clearer and expand the CFTC’s oversight of digital assets.
During her final two years in office, Stabenow stated that she would focus on legislation that would improve “the lives of Michiganders,” but she did not specifically mention the crypto bill. After serving in the Senate since 2001, her term will end on January 3, 2025, following the elections of 2024.
Inspired by a new generation of leaders, I have decided to pass the torch in the U.S. Senate. I am announcing today that I will not seek re-election and will leave the U.S. Senate at the end of my term on January 3, 2025.
Read my full statement: pic.twitter.com/Fq659Aevs0
— Sen. Debbie Stabenow (@SenStabenow) January 5, 2023
Stabenow presided over hearings on the Senate Agriculture Committee that looked into digital assets that are considered commodities, including one in December that looked into the collapse of the cryptocurrency exchange FTX. The senator kept pushing for the bill’s passage even after the exchange filed for bankruptcy in November and former CEO Sam Bankman-Fried, who frequently advocated for the DCCPA, was being investigated by the authorities.
One of the coauthors of the DCCPA and the ranking member of the Senate Agriculture Committee, John Boozman, is likely to keep his position until January 2029. The Crypto Council for Innovation CEO Sheila Warren and the commissioner of the CFTC, Kristin Johnson, have both expressed their support for the bill.
After the 118th Congress had been sworn in, Boozman reportedly planned to reintroduce the crypto bill, as reported in December. In a historic standstill, the House of Representatives has yet to select a new Speaker, despite the fact that the Senate began its business on January 3.
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