WASHINGTON—U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, released the following statement on the status of proposed cryptocurrency legislation.
“As ranking member of the Senate Agriculture Committee, I have consistently said I believe the Commodity Futures Trading Commission performs an important role protecting consumers in the crypto marketplace and I have worked in good faith with Chairwoman Stabenow to give the agency the tools it needs to meet that responsibility.
The Chairwoman’s efforts to address our concerns to legislative text she drafted are appreciated. Outstanding concerns remain, but it has moved in the right direction.
However, committee members, industry stakeholders and consumers all deserve a more methodical process than this rushed approach. I do not believe an arbitrary deadline is the way to achieve the proper outcome.
Digital commodities and the regulatory issues they raise are complex. Standing up a market regulatory regime for the first time ever requires due diligence and outreach necessary to consider all unintended consequences and warrants a process that gives members adequate time to deliberate the legislation they are being asked to approve.
We have time to get this right. I remain committed to a bill that we can all proudly support. One that protects consumers in the digital commodities space, fosters innovation and provides the regulatory certainty businesses need to maintain their operations in the United States.”