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US Senator Behind Effort To Pass Major Crypto Bill Won’t Seek Re-Election

Delbert Williams IIBy No Comments2 Mins Read

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Michigan Senator Debbie Stabenow, chairman of the United States Senate Agriculture Committee, has announced that she will step down in 2025.

In a January 5 announcement, Stabenow said he would “pass” the rest of his six-year term in the Senate after that.[ing] “Torch” to other US Congressmen. The senator was one of the lawmakers who pushed for the introduction of the Digital Goods Consumer Protection Act (DCCPA). The DCCPA is a bill aimed at clarifying the regulation of cryptocurrencies and establishing the Commodity Futures Trading Commission’s role in overseeing digital assets.

Stabenow said he would focus on legislation aimed at improving “the lives of Michigan citizens” during his last two years in office, but did not specifically mention the cryptocurrency bill. Her term will end on January 3, 2025, after her 2024 election, in which she has served as a Senator since 2001.

As chairman of the Senate Agriculture Committee, Stabenow oversaw hearings investigating digital assets considered commodities, including a December hearing investigating the collapse of crypto exchange FTX. The exchange filed for bankruptcy in his November, and the former CEO, who has often lobbied for the DCCPA, said the senator continued to push for passage of the bill after Sam Bankman-Fried was scrutinized by the authorities. I was.

John Boozman, one of the co-authors of the DCCPA and a key member of the Senate Agriculture Committee, is likely to stay in office until January 2029. Some regulators and industry leaders also support the bill, including CFTC Commissioner Christine Johnson and the Cryptocurrency Council. Innovation CEO Sheila Warren.

Related: ‘Clandestinely circulating’ crypto bill could bring ‘benefits’ to DeFi

Boozman was reportedly planning to reintroduce the cryptocurrency bill in December after the 118th Congress was sworn in. The U.S. Senate began proceedings on Jan. 3, but the House has yet to select a new speaker in a moment of historic stagnation.