Yeliz Akmaca 
The US Senate Agriculture Committee has released the long-awaited discussion draft of the crypto market structure bill. This move brings Congress closer to defining how the crypto sector will be regulated. The draft aims to clarify the authority of the CFTC and SEC, providing clear guidelines for emerging digital markets.
The bill outlines the jurisdiction of the country’s two main financial regulators. Committee Chair Republican John Boozman emphasized that the CFTC is the right body to oversee digital commodity trading, highlighting the importance of investor protection and market clarity. Democratic Senator Cory Booker noted that the draft gives the CFTC new powers over digital commodity spot markets and ensures that retail investors benefit from enhanced protections.
Key Goals: Clear Regulatory Boundaries
The draft bill also addresses common crypto terms such as “blockchain,” “decentralized finance,” and “DAOs,” clarifying how they fall under the Commodity Exchange Act. However, several sections remain in brackets, signaling that they are still open to change. This reflects ongoing negotiations, particularly regarding regulatory responsibilities shared with the Senate Banking Committee.
Minority members of the committee argue that the Agriculture Committee lacks jurisdiction over certain technical areas. They propose working with the Banking Committee on issues related to blockchain developers and service providers. The Banking Committee oversees the SEC, managing the securities-related sections of the bill.
Notably, the draft aligns with the CLARITY Act, passed by the House in July. CLARITY establishes the CFTC as the central authority in digital asset regulation, ensuring a unified market framework.
Crypto Industry Groups Support the Draft
Crypto advocacy group Crypto Innovation Council CEO Ji Hun Kim called the release of the draft a “meaningful step toward a comprehensive and purpose-driven market structure for digital assets in the US.” Coinbase’s lobbying arm, Stand with Crypto, described the bill as a key step toward the “common-sense regulatory framework” the industry has long requested.
Community Director Mason Lynaugh stressed that the Senate should act quickly and deliberately. He added that investor confidence and market stability depend on clear rules, positioning the US as a global standard-setter in crypto regulation.
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