Bipartisan Crypto Legislation Authored by Ag Committee Leaders Continues to Build Momentum
WASHINGTON—U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, and Commodity Futures Trading Commission (CFTC) Commissioners Christy Goldsmith Romero and Summer Mersinger got a firsthand look at the Blockchain Center of Excellence at the University of Arkansas today while discussing a path forward to bring more consumer protection to the crypto industry.
Boozman, who recently introduced the Digital Commodities Consumer Protection Act of 2022 to give the CFTC new tools and authorities to regulate digital commodities, invited the commissioners to Arkansas to further the discussion on how a mandatory framework will safeguard customers and markets.
“There is simply no substitute for visits like this to ensure we are making informed decisions. The Blockchain Center of Excellence and the CFTC have been important partners to my office as we worked to draft this legislation, sharing crucial insight into the real-world impacts of the bill. The center truly is on the forefront of research of digital assets and more of our leading businesses are embracing the technology, positioning Arkansas as a leader in this emerging field and making it an ideal spot to further this discussion,” Boozman said.
“As a sponsor of the CFTC’s Technology Advisory Committee, I am thrilled to join Senator Boozman at the University of Arkansas School of Law’s Blockchain Center of Excellence. The Blockchain Center is furthering a critical public discussion about the potential of blockchain technology to benefit American businesses and households,” said Commissioner Goldsmith Romero. “I am thankful to Senator Boozman for introducing me to the Blockchain Center. Senator Boozman has been a leader in working across the aisle with Senator Debbie Stabenow and other colleagues to bring digital assets, like Bitcoin, into a regulatory framework that focuses on the need to protect customers, safeguard customer assets, and address regulatory gaps.”
“It was an honor to join Ranking Member Boozman today for this meeting at the University of Arkansas’ Center for Blockchain Excellence to see firsthand how they are preparing students for critical jobs in this cutting-edge industry. At the CFTC, we have seen firsthand how blockchain technology is being utilized in everything from commodities trading to farming. Ensuring a well-educated, domestic workforce is crucial to ensuring US competitiveness in developing and implementing blockchain technology throughout our economy. Arkansans should be proud of both the key leadership roles both Ranking Member Boozman and the University of Arkansas are playing in our nation’s approach to the digital asset and blockchain technology space,” said Commissioner Mersinger.
The Blockchain Center of Excellence was established in May of 2018 within the Department of Information Systems in the Sam M. Walton College of Business at the University of Arkansas. Its mission is to make the Sam M. Walton College of Business a premier academic leader in research and education of blockchain-enabled technologies and digital ecosystems.
“The Blockchain Center of Excellence and the University of Arkansas School of Law are thrilled to witness Senator Boozman’s work and leadership in the crypto space. It is a daunting task to balance the need for regulation while simultaneously encouraging technological innovation, and the Digital Commodities Consumer Protection Act of 2022 could help to plug regulatory holes without stifling business development,” said Professor Carol Goforth, a member of the faculty network at the Blockchain Center and the Clayton N. Little Professor of Law at the University of Arkansas School of Law.
Learn more about the Digital Commodities Consumer Protection Act of 2022.