Senate Agriculture Committee Proposes Market-Structure Bill for Crypto Oversight
The Senate Agriculture Committee has released a discussion-draft market-structure bill focused on defining digital commodities and proposing the Commodity Futures Trading Commission (CFTC) as the primary regulator for crypto spot trading.
The draft includes bracketed sections that indicate unresolved items, such as specific definitions and rulemaking directives for the CFTC. One key provision requires the CFTC to have at least two commissioners, including minority-party commissioners, before initiating any rulemaking.
Chair John Boozman emphasized the aim to strengthen the CFTC by equipping it with the necessary tools, personnel, and resources to manage the expanded mission and protect consumers.
Senator Cory Booker noted that the bill represents a first step but voiced concerns regarding resource availability, the need for bipartisan commissioners, and the establishment of guardrails to prevent misconduct.
Representatives from the crypto industry expressed cautious optimism. Summer Mersinger of the Blockchain Association called the draft an important step. Amanda Tuminelli from the DeFi Education Fund highlighted it as progress, stressing the need to distinguish between centralized intermediaries and software developers without custody. Ji Hun Kim of the Crypto Council for Innovation described the draft as meaningful progress, particularly emphasizing protections for decentralized finance (DeFi).
Regarding the timeline, December has about three work weeks remaining, making floor action this year unlikely. Passage of the bill would require reconciliation between the Senate Agriculture Committee’s version, the Senate Banking Committee’s version, and House action, likely pushing finalization into 2026.
Upcoming confirmations include the Senate Banking Committee’s vote on nominees such as FDIC Chair nominee Travis Hill, as well as the Senate Agriculture Committee’s confirmation hearing for CFTC Chair nominee Mike Selig.
