Industry Representatives Suggest Improvements to Stabenow-Boozman Crypto Regulation Bill

Crypto spokespersons testified before the Senate Agriculture Committee on Thursday with analyzes of the bill's strengths and recommendations for its weaknesses.

Representatives from the crypto community shared their responses to the Digital Products Consumer Protection Bill (DCCPA) on September 15. Speaking on the second panel of a hearing held by the Senate Agriculture Committee, guest speakers praised the bill as a whole. , but had recommendations for improvement.

The definitions were an issue for all five speakers and Blockchain Association Chief Policy Officer Jake Chervinsky, who released a statement on the bill moments after the hearing ended. All commentators expressed a desire for a clearer definition of securities and commodities.

"Although the bill includes an exception for titles, it does not explicitly define what is or is not a title (by application of the Howey test or otherwise)," said Christine Parker, Vice President and Assistant General Counsel of Coinbase. .

Sheila Warren, CEO of the Crypto Council for Innovation, said:

“The bill leaves it up to agencies and courts to determine whether a digital asset, other than Bitcoin and Ether, is a security or not. To date, this approach has not worked well, with significant implications for consumers."

The Center for American Progress' director of financial regulation and corporate governance, Todd Phillips, said the bill's definition of commodities does not take into account the role of mine...