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Thompson's Crypto Bill Garners Widespread Industry Support

  • DCEA feature

WASHINGTON, DC — One week since its introduction, the Digital Commodity Exchange Act has received a number of statements of support from crypto leaders. Glenn "GT" Thompson, Republican Leader of the House Agriculture Committee, was joined by Representatives Ro KhannaTom Emmer, and Darren Soto on April 28 to roll out the legislation that establishes effective oversight of digital commodity markets without diminishing the innovation and creativity that has established the United States as a global leader in this field.


A crucial component of the Digital Chamber of Commerce’s National Action Plan for digital assets has been the call for regulatory clarity and certainty for the cryptocurrency and blockchain industry and investors alike. The Digital Commodity Exchange Act of 2022 (DCEA), therefore, is a welcome proposal that advances those goals by providing for clear regulatory oversight by the Commodity Futures Trading Commission, coordination with other regulatory and policy entities, and updated rules of the road for the digital asset marketplace. We thank Representative Thompson for his leadership on this issue and look forward to working with co-sponsors and the House Agriculture Committee as this proposal moves forward.” — TEANA BAKER-TAYLOR, CHIEF POLICY OFFICER


For years there’s been an obvious need for federal market supervision of crypto markets. The DCEA is a thoughtful and practical approach to that end and helps clarify the jurisdiction of the relevant agencies.” — JERRY BRITO, EXECUTIVE DIRECTOR


 “We’re proud to support the re-introduction of the Digital Commodity Exchange Act (DCEA). There is a growing consensus in Washington that federal oversight of digital asset spot markets is needed, and we believe that the DCEA sets forward an intelligent framework to ensure these markets are safe and secure. Ranking Member Thompson and his staff have been very forward-thinking on these issues and we look forward to continuing to work with them as the bill advances through the legislative process.” — KRISTIN SMITH, EXECUTIVE DIRECTOR


It has become readily apparent over the past year that the growing digital asset industry needs a comprehensive regulatory framework to provide regulatory clarity and needed business certainty. Ranking Member G.T Thompson accomplishes this with the Digital Commodity Exchange Act of 2022 (DCEA), which has the full support of the Association for Digital Asset Markets (ADAM). The DCEA is a thoughtful approach that provides clear regulatory jurisdictional boundaries and formulates novel approaches to digital asset exchange oversight and digital asset custody. If passed, the DCEA will help make the U.S. an attractive market for digital asset innovation, improve market functioning, and protect consumers. ADAM looks forward to working with Ranking Member Thompson as the bill moves through Congress.” — MICHELLE BOND, CEO


Global DCA applauds Congressman Thompson for his thoughtful approach to regulating digital commodities as set forth in the Digital Commodity Exchange Act. This bill strikes the right balance between establishing responsible rules of the road and allowing the U.S. to remain a global innovation leader. The regulatory framework is nimble enough to keep up with a rapidly evolving industry and would accommodate a self-regulatory function as a strong partner to Federal regulators. We look forward to continuing to work with the Congressman and Members of the Agriculture Committee on this piece of legislation and other issues that may arise around digital assets.” — GABRIELLA KUSZ, CEO


We welcome thoughtful regulation of digital assets on behalf of the web3 community, which is seeking a clear path to compliance. Regulatory certainty should be a goal for every policymaker to help the US maintain its leadership in digital innovation. It's encouraging to see the bipartisan introduction of the DCEA bill, which recognizes many digital assets are not securities. We encourage all relevant agencies and stakeholders to provide constructive feedback on the legislation.” — MICHELE KORVER, HEAD OF REGULATORY


FTX appreciates any and all efforts to bring sensible oversight to the trading of digital assets, which this bill reflects. Millions of American consumers want access to these products and they deserve the market safeguards that this legislation would provide.” — SAM BANKMAN-FRIED, CEO


Kraken applauds Representatives Thompson, Khanna, Soto, and Emmer for the introduction of the bipartisan Digital Commodity Exchange Act (DCEA), a thoughtful and flexible framework for developing regulations for the digital asset industry. The DCEA builds on time-tested market regulation principles administered by the CFTC to ensure investor protection and responsible innovation in the digital commodity markets. We look forward to working with Representatives Thompson, Khanna, Soto, and Emmer, and their staff to continue developing this bill alongside other leadership efforts to support the growth of the U.S. digital asset industry.” — MARCO SANTORI, CHIEF LEGAL OFFICER


The reintroduction of the Digital Commodity Exchange Act (DCEA) is an essential step towards regulatory certainty for the crypto ecosystem. Ripple applauds the efforts of Rep. Thompson, Rep. Khanna, Rep. Soto, and Rep. Emmer who are working to ensure U.S. leadership in this emerging technology while protecting the more than 40 million Americans who participate in the multi-trillion dollar crypto economy.” — SUSAN FRIEDMAN, HEAD OF PUBLIC POLICY