Pulaski Times

U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, delivered opening remarks at a hearing focused on the oversight of digital commodities.

"Thank you, Madam Chair. Welcome to my colleagues and, again, thank you for calling today’s hearing on the current state of digital commodities," Boozman stated. He also extended a welcome to Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam: "We appreciate your hard work and as the Chair said, you certainly are not a stranger to this committee."

Boozman reiterated his stance that the CFTC is the appropriate agency to regulate spot digital commodities. "The CFTC’s principle-based approach has proven to effectively protect consumers in the derivatives market," he said. "I believe with the appropriate authorities this same approach will protect consumers in the digital commodities space."

He emphasized that while protecting innovation and providing regulatory certainty for businesses is crucial, it is equally important for policymakers to understand and educate others about complex regulatory issues related to digital commodities.

"The Chair has been drafting legislation that would give the CFTC the authority to regulate spot digital commodity trading," Boozman noted. He confirmed ongoing collaboration between his staff and those working on this legislative proposal.

Boozman stressed that any policy proposals should be limited to agencies under their jurisdiction, specifically excluding entities like the Securities and Exchange Commission, Treasury Department, or Federal Reserve.

In closing, Boozman highlighted the need for broad support within the community affected by proposed regulations: "The frank and honest feedback we have received from these discussions does not lead me to believe the necessary level of support for this proposal currently exists among stakeholders – and people are working very hard to try and rectify that."

He expressed commitment to continued collaboration with Chairwoman Debbie Stabenow on her proposal: "Today’s hearing is a good start. I look forward to hearing the thoughts of Chairman Behnam and the questions posed by our colleagues."