US senator behind efforts to pass major crypto bill won't seek re-election

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Senator Debbie Stabenow was 1 of the lawmakers down introducing the Digital Commodities Consumer Protection Act successful August.

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US legislator  down  efforts to walk  large   crypto measure  won't question    re-election

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Michigan Senator Debbie Stabenow, seat of the United States Senate Agriculture Committee, has announced that she volition beryllium leaving bureau successful 2025.

In a Jan. 5 announcement, Stabenow said she would decorativeness the remainder of her 6-year word successful the Senate, past “pass[ing] the torch” to different U.S. lawmakers. The legislator was 1 of the lawmakers down introducing the Digital Commodities Consumer Protection Act, oregon DCCPA — a measure aimed astatine establishing further regulatory clarity for cryptocurrencies and the relation the Commodity Futures Trading Commission would play successful overseeing integer assets.

Stabenow said she would beryllium focusing connected authorities aimed astatine improving “the lives of Michiganders” during her last 2 years successful office, but did not specifically notation the crypto bill. Her word volition extremity connected Jan. 3, 2025 pursuing the 2024 elections, having served successful the Senate since 2001.

Inspired by a caller procreation of leaders, I person decided to walk the torch successful the U.S. Senate. I americium announcing contiguous that I volition not question re-election and volition permission the U.S. Senate astatine the extremity of my word connected January 3, 2025.

Read my afloat statement:

— Sen. Debbie Stabenow (@SenStabenow) January 5, 2023

As Senate Agriculture Committee chair, Stabenow oversaw hearings investigating integer assets considered commodities, including 1 successful December exploring the collapse of crypto speech FTX. After the speech filed for bankruptcy successful November and erstwhile CEO Sam Bankman-Fried — who often lobbied for the DCCPA — was being scrutinized by the authorities, the legislator continued to push for the bill’s passage.

John Boozman, 1 of the DCCPA’s coauthors and ranking subordinate of the Senate Agriculture Committee, volition apt stay successful bureau until January 2029. Some regulators and manufacture leaders person besides travel retired successful enactment of the bill, including CFTC commissioner Kristin Johnson and Crypto Council for Innovation CEO Sheila Warren.

Related: ‘Secretly circulating’ draught crypto measure could beryllium a ‘boon’ to DeFi

Boozman reportedly planned successful December to reintroduce the crypto measure erstwhile the 118th Congress had been sworn in. Although the U.S. Senate started proceedings connected Jan. 3, the House of Representatives has yet to choose a caller Speaker successful a historical standstill moment.

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