The two U.S. Senators said the downfall of FTX clearly exemplified \u201cthe need for greater federal oversight of the digital asset industry.\u201d United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX\u2019s shocking collapse.For a short time, the cryptocurrency community wasn\u2019t sure how the senators would respond to the FTX crisis \u2014 as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried.But the members of the U.S. Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement \u2014 stating \u201cthe events that have transpired this week reinforce the clear need for greater federal oversight of the digital asset industry.\u201d\u201cChairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,\u201d wrote Senator Boozman.Bankman-Fried is understood to be a strong supporter of the crypto bill. He has attended several Senate Hearings and published a recent post titled \u201cPossible Digital Asset Industry Standards\u201d on Oct. 19.The senators did not disclose additional details as to what stage the DCCPA is at and when the bill will be published for the Senate to review. Related: Industry reps suggest improvements to Stabenow\u2013Boozman crypto regulation billThe DCCPA bill was officially introduced into the U.S. Congress on Aug. 3. 2022. If the DCCPA passes into law, it would grant the Commodity Futures Trading Commission (CFTC) \u2014 one of the two U.S. market regulators \u2014 an extension of regulatory powers over the sector.\u00a0The bill will still need to be passed by both the U.S. Senate and House of Representatives and be signed by President Joe Biden in order to become law.