American States senators Debbie Stabenow and John Boozman reportedly reinforced their commitment to releasing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA). 

Specifically, this initiative is reportedly carried out in the wake of FTX’s shocking collapse.

For a short period, the cryptocurrency community was not sure regarding the way the senators would provide response to the FTX crisis – as the DCCPA bill is acknowledged to receive strong support from the current Head of FTX Sam Bankman-Fried.

“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,” wrote Senator Boozman.

Bankman-Fried is understood to be a dedicated advocate of the crypto bill. He has been an attendee to numerous Senate Hearings and published a recent post with the name “Possible Digital Asset Industry Standards” on Oct. 19.

The senators did not offer extra specifics regarding the exact stage the DCCPA is at and the precise timeline of when the bill will be published for the Senate to review.

The official introduction of the DCCPA bill into the U.S. Congress was reportedly carried out on Aug. 3 this year.

Should the DCCPA receive the approval to be turned into regulation, it would offer the Commodity Futures Trading Commission (CFTC) – among the two U.S. market regulators – an extension of regulatory powers over the industry. 

The bill will still require the approval from both the U.S. Senate and House of Representatives and obtain the signature of President Joe Biden for its official enactment.