In August 2022, Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR) officially introduced the Digital Commodities Consumer Protection Act (DCCPA), a bill aimed at providing a regulatory framework for cryptocurrencies within the context of the Commodity Futures Trading Commission (CFTC). The draft of this bill has been leaked on Twitter in October 2022.

According to DLA Piper, the central proposals of the DCCPA are:

Close regulatory gaps by requiring all digital commodity platforms (defined to mean a person that is one or more of the following: digital commodity broker, a digital commodity custodian, a digital commodity dealer, a digital commodity trading facility) to register with the CFTC

Require digital commodity platforms to prohibit abusive trading practices, eliminate or disclose conflicts of interest, maintain sufficient financial resources, have strong cybersecurity programs, protect customer assets and report suspicious transactions

Require digital commodity platforms to adhere to advertising standards and disclose information about digital commodities and their risks, bringing greater transparency and accountability to the marketplace

Authorize the CFTC to impose user fees on digital commodity platforms to fully fund its oversight of the digital commodity market

Direct the CFTC to examine racial, ethnic and gender demographics of customers participating in digital commodity markets and use that information to inform its rulemaking and provide outreach to customers and

Recognize that other financial agencies have a role in regulating digital assets that are not commodities, but function more like securities or forms of payment.

This proposed bill has been supported by several figures in the cryptocurrency industry, such as Brian Armstrong (Coinbase) and Sam Bankman-Fried (formerly of FTX). There has been some discussion about the effects of this bill on what has come to be called 'decentralised finance' (or DeFi), with some worrying that it may massively restrict this sector of the cryptocurrency industry.

Further, given the bankruptcy of FTX (and its associated businesses), Sam Bankman-Fried's lobbying in Washington in favour of the DCCPA has raised concerns. At the same time, the FTX crash has also increased calls for regulation more broadly. Recently, both senators Stavenow (D-MI) and Boozman (R-AR) have said that the collapse of FTX showed "the need for greater federal oversight of the digital asset industry".

As of November 2022, there has not been a clear schedule as to when the bill will be published for the US Senate to review.