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ARTICLE · 10 AUGUST 2022

The Digital Commodities Consumer Protection Act – A Bullet Point Summary

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On August 3, 2022, Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR)—the Chair and Ranking Member of the Senate Agriculture Committee—introduced the Digital Commodities Consumer Protection Act of 2022...

United StatesFinance and Banking
Brendan M. Dunn
Brendan M. Dunn
Zachary Rudisill
Zachary Rudisill
Samuel J. Olswanger
Samuel J. Olswanger
Eric C. Ettorre
Eric C. Ettorre
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Key Points:

  • On August 3, 2022, Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR)—the Chair and Ranking Member of the Senate Agriculture Committee—introduced the Digital Commodities Consumer Protection Act of 2022 (S. 4760), which would establish a comprehensive regulatory framework for digital assets. Senate Minority Whip John Thune (R-SD) and Sen. Cory Booker (D-NJ) joined as original cosponsors. Generally consistent with the preferences of the crypto industry, the bill provides the CFTC (which sits within the jurisdiction of the Senate Agriculture Committee) authority to regulate digital commodities. CFTC Chairman Rostin Behnam, a former staffer to Sen. Stabenow, has assisted as well in the crafting of this legislation. The bill offers a much narrower approach than the Responsible Financial Innovation Act (S. 4356), which was introduced recently by Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). Just as one example, the Stabenow-Boozman legislation

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