US senator behind push to pass major crypto bill won’t seek re-election

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Michigan Senator Debbie Stabenow, chair of the U.S. Senate Agriculture Committee, has announced she will step down in 2025.

In a Jan. 5 announcement, Stabenow said she would complete the remainder of her 6-year term in the Senate and then move on.[ing] the torch to other US lawmakers. The senator was one of the lawmakers behind the introduction of the Digital Products Consumer Protection Act, or DCCPA, a bill aimed at establishing additional regulatory clarity for cryptocurrencies and the role that the Commodity Futures Trading Commission would play in overseeing digital assets.

Stabenow said she would focus on legislation to improve the lives of Michiganders during her final two years in office, but did not specifically mention the crypto bill. His term will end on January 3, 2025 after the 2024 election, having served in the Senate since 2001.

Inspired by a new generation of leaders, I decided to pass the torch to the United States Senate. I am announcing today that I will not be running for re-election and will be leaving the United States Senate at the end of my term on January 3, 2025.

Read my full statement: https://t.co/qYJE6lyRJ3 pic.twitter.com/Fq659Aevs0

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

As chairman of the Senate Agriculture Committee, Stabenow oversaw hearings investigating digital assets considered commodities, including one in December exploring the collapse of crypto exchange FTX. After the exchange filed for bankruptcy in November and former CEO Sam Bankman-Fried, who often lobbied for the DCCPA, came under scrutiny from authorities, the senator continued to push for the adoption of the law projects.

John Boozman, one of the DCCPA co-authors and a senior member of the Senate Agriculture Committee, will likely remain in office until January 2029. Some regulators and industry leaders have also come out in favor of the bill, including CFTC Commissioner Kristin Johnson and Crypto Council for Innovation CEO Sheila Warren.

Related: A secretly circulating crypto bill could be a boon for DeFi

Boozman reportedly plans in December to reintroduce the crypto bill once the 118th Congress is sworn in. Although the US Senate began work on January 3, the House of Representatives has yet to choose a new president in a moment of historic impasse.

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