Senate Committee Drafts Crypto Bill to Define CFTC Role in Overseeing Markets

The Senate Agriculture Committee published its draft crypto market structure legislation, a significant step toward defining the jurisdiction split between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing spot crypto markets. The bill, which still contains bracketed sections indicating unresolved details, directs the CFTC to engage in joint rulemaking with the SEC on matters like intermediary oversight. Key figures leading the effort include Chairman John Boozeman and Senator Cory Booker. The legislation also addresses definitions under the Commodity Exchange Act. Progress is complicated by the ongoing government shutdown and internal disagreements within both committees, particularly regarding jurisdiction and the inclusion of minority party commissioners on the CFTC. While some lawmakers are eager to advance the bill, others, like Senator Elizabeth Warren, remain concerned about industry risks and potential conflicts of interest involving President Donald Trump's personal investments. Lobbyists suggest a committee vote might occur by year's end, but a full Senate floor vote is unlikely before the first quarter of 2026.

(Source：CoinDesk)