Pulaski Times

U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, released a statement regarding the status of proposed cryptocurrency legislation.

"As ranking member of the Senate Agriculture Committee, I have consistently said I believe the Commodity Futures Trading Commission performs an important role protecting consumers in the crypto marketplace and I have worked in good faith with Chairwoman Stabenow to give the agency the tools it needs to meet that responsibility," Boozman stated.

He acknowledged Chairwoman Stabenow's efforts to address concerns related to her drafted legislative text but noted that some issues remain unresolved. "Outstanding concerns remain, but it has moved in the right direction," he added.

Boozman emphasized the need for a more methodical process rather than a rushed approach. "Committee members, industry stakeholders and consumers all deserve a more methodical process than this rushed approach. I do not believe an arbitrary deadline is the way to achieve the proper outcome," he said.

He highlighted the complexity of digital commodities and their regulatory challenges. "Standing up a market regulatory regime for the first time ever requires due diligence and outreach necessary to consider all unintended consequences and warrants a process that gives members adequate time to deliberate the legislation they are being asked to approve."

Boozman concluded by expressing his commitment to developing comprehensive legislation. "We have time to get this right. I remain committed to a bill that we can all proudly support. One that protects consumers in the digital commodities space, fosters innovation and provides the regulatory certainty businesses need to maintain their operations in the United States."