Senate Hearing on New Digital Products Bill Has Far-Reaching Implications
This Thursday, the U.S. Senate Agriculture Committee will hold a legislative hearing for S. 4760, the Digital Commodities Consumer Protection Act of 2022. Introduced on August 3, just over a month ago and for a period of minimal activity on the Hill during the summer slump, the DCCPA will likely erupt for the crypto industry after Thursday, with the prospect of a markup hearing representing the final stage of a bill before that it cannot be rejected by the committee and held in the Senate.
A last-minute schedule change moves the Senate agriculture hearing from Wednesday at 10 a.m. ET to Thursday at 10 a.m. ET. Although purely speculative, this Thursday time slot comes at exactly the same time that Commodities Future Trading Commission (CFTC) Chairman Rostin Behnam will testify as Securities and Exchange Commission (SEC) Chairman Gary Gensler.
As if this time change evens the playing field so that no agency president has the advantage of studying the testimony of the other president, this Thursday suddenly became the Super Bowl of crypto regulation in 2022. Everyone knows that their testimony at this time will have a big impact on how any laws that may eventually be enacted regarding crypto regulation are ultimately shaped, and whether their agency will win or lose this emerging new tech market that is appearing in the future. much like the future of finance.
For the Senate Agriculture Committee hearing, the DCCPA has strong support from the Senate Agriculture Committee and the bipartisan nature of the co-sponsors. Committee Chair Debbie Stabenow (D-MI) and Ranking Committee Member John Boozman (D-AR) are both co-sponsors, which is a key reason why the bill that favors the CFTC for Better monitoring the crypto markets has such a good chance of making it to at least a vote in the Senate. The two additional co-sponsors are from both the far left and far right of each party, with Sen. Cory Booker (D-NJ) and Sen. John Thune (R-SD) showing their support for DCCPA. To sweeten that up, Thune happens to be the second-highest-ranking Republican in the Senate, and Chairman Behnam worked with Stabenow’s staff before going to the CFTC, giving the DCCPA a definite edge over other drafts. Cryptography Regulation Act. which have been introduced.
A panel of expert witnesses make up the second part of the hearing, Ms. Christine Parker, Vice President, Deputy General Counsel of Coinbase, Ms. Sheila Warren, Managing Director of the Crypto Council for Innovation, Managing Director Denelle Dixon of the Stellar Development Foundation, and former CFTC chairman Heath Tarbert, who is chief legal officer of Citadel Securities. Finally, Todd Phillips, Director of Financial Regulation and Corporate Governance at the Center for American Progress, will testify. Phillips co-authored an in-depth piece in March 2022 titled “Congress Must Not Provide Statutory Waivers for Crypto Assets” and advocated for legislation that closes crypto regulatory loopholes instead. With the DCCPA creating the regulation of spot markets for crypto assets, the assembled panel may all find themselves in agreement on this specific bill, even though there is a mix of industry and protection group. consumers on the same panel.
Hearing details are available here and at a minimum, for those following crypto politics, one can expect a very interesting discussion as the course of crypto regulation seems to become a bit clearer. This audience is definitely representative of a crossroads for the crypto asset industry and the involvement of the United States, whether as a leader or a follower, for what could be the main asset class for the future of finance in the 21st century.