The Digital Commodities Consumer Protection Act (DCCPA or S.4760) took centerstage at a 2-1/2 hour hearing of the Senate Committee on Agriculture, Nutrition, and Forestry featuring many of its committee members including Senators Debbie Stabenow (D, MI), Chairwoman, and John Boozman (R, AR), Ranking Member.
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, a former Stabenow staffer, led off testimony on DCCPA which he helped create in partnership with the Committee.
Back in February, shortly after Behnam was sworn in as CFTC Chair, a Senate Ag hearing on digital assets laid the groundwork for themes of the bipartisan bill which will classify the cryptocurrencies Bitcoin and Ethereum as commodities and therefore within the jurisdiction of the CFTC.
Senator Boozman stressed during the hearing that DCCPA is not meant to erode the jurisdiction of the SEC over securities.
Overall, there were few surprises in the Senate Ag hearing – after all, it’s a bipartisan bill co-sponsored by the Democratic Chair and the Republican Ranking member.