WASHINGTON – U.S. Senator Debbie Stabenow, the chair of the Senate Committee on Agriculture, Nutrition, and Forestry Friday applauded the Administration’s announcement of a framework for the development of digital assets, focusing on how the United States can enhance responsible innovation while minimizing risks to consumers and our financial system. The Administration also plans to examine the use of digital assets by vulnerable communities and promote consumer and investor education.
“We need to have clear rules of the road that keep customers and our markets safe, while allowing good actors to innovate and grow.” said Chairwoman Stabenow. “It is critical that Congress and the Administration work together to achieve these goals. Thankfully, bipartisan legislation pending in the Senate right now would make the critical first steps toward safeguarding both markets and customers.”
Stabenow is the lead author of the Digital Commodities Consumer Protection Act, which she introduced along with Ranking Member John Boozman (R-Ark.), and Senators Cory Booker (D-N.J.) and John Thune (R-S.D.); and which is cosponsored by Senators Kirsten Gillibrand (D-N.Y.) and Joni Ernst (R-Iowa). The legislation, which was the focus of a Committee hearing on Thursday, September 15, would complement the Administration’s efforts by closing gaps in federal oversight of digital assets, encouraging coordination among federal market regulators, and directing outreach to historically underserved communities using and trading these assets.