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Representatives of the crypto community shared their responses to the Digital Products Consumer Protection Bill (DCCPA) on September 15. Speaking during the second panel of a hearing held by the Senate Committee on Agricultureguest speakers praised the bill as a whole, but offered recommendations for improvement.

Definitions were an issue for the five speakers and Blockchain Association policy officer Jake Chervinsky, who published a statement on the bill moments after the hearing ended. All speakers expressed the wish for a clearer definition of transferable securities and commodities.

“While the bill includes an exception for titles, it does not explicitly define what is or is not a title (by application of the Howey test or otherwise),” said Christine Parker, vice president and Deputy General Counsel of Coinbase. said.

Sheila Warren, CEO of the Crypto Council for Innovation said:

“The bill leaves it up to agencies and courts to determine whether a digital asset, other than Bitcoin and Ether, is a security or not. To date, this approach has not worked well, with significant implications for consumers.

Center for American Progress Director of Financial Regulation and Corporate Governance Todd Phillips said that the bill’s definition of raw materials does not take into account the role of miners and stakers.

Further, Warren said, “The bill limits brokers, traders and trading facilities to only engage in ‘transactions’ or ‘digital goods’ that are not ‘easily susceptible to manipulation’, but it does not attempt to define what “easily susceptible to manipulation” means.”

Heath Tarbert, Chief Legal Officer of Citadel Securities and former Chairman of the Commodity Futures Trading Commission (CFTC) found the descriptions of registrants required under the bill are too broad. He also came out in favor of an explicit ban on rule-making through the app:

“Although the CFTC has not generally engaged in rulemaking by enforcement, it is important that Congress clearly express its intent on this point.”

Chervinsky was concerned that the definition of “digital product platform” was too broad and could impose “onerous requirements on certain businesses that are not justified by the minimal degree of risk they pose.” He also saw privacy threats in the requirements of these platforms.

Speakers also had various concerns about the scope of the bill. The bill needs specifications to limit the authority of the CFTC to avoid regulating transactions that do not take place in the United States, according to Warren and Chervinsky.

The bill “could also be interpreted as a ban on decentralized finance (DeFi),” Chervinsky said. Warren echoed that point, saying the bill contained “unworkable” provisions for DeFi. Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation made the point that “some might interpret the text to cover aspects of technology rather than participants offering products and services that take advantage of technology”.

The ACCPD was introduced by the Chairman of the Agriculture Committee Debbie Stabenow and Ranking Member John Boozman on August 3. This was the first hearing on the bill, which is unlikely to be adopted during this Congress.