Today, SDF CEO and Executive Director Denelle Dixon testified in front of the United States Senate Committee on Agriculture, Nutrition, and Forestry for a hearing on the Digital Commodities Consumer Protection Act (DCCPA). The bipartisan legislation was created to empower the Commodity Futures Trading Commission (CFTC) as the authority to oversee digital commodities.
Denelle’s testimony was wide-ranging. She began highlighting some of the incredible real-world use cases built on the Stellar network that can open the door for under and unbanked populations.
“The true potential of this technology is to help reach those excluded from the current financial system and all that it unlocks. To do that, we need quick, secure, and affordable ways for the 60% of the world's population — or nearly 2 billion people — that rely on cash to convert their money into digital assets and back without exposing them to undue risk of price volatility.”
She also emphasized how the DCCPA is a step toward more regulatory clarity and how it can help attract new partners and users and unlock new opportunities.
“The call for greater regulatory clarity is a real one because it is existential. It's not because we are looking for a different answer; we are looking for clear, definitive rules that are not subject to one's interpretation. We need it. We need it to build and operate with the knowledge that we are making the right decisions. We need it to understand how best to protect consumers. We need it to bring the full power of this technology to the masses with the collaboration of companies and institutions already integrated into our everyday lives.”