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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Senate discussions are dragging on as senators review hundreds of amendments through rapid votes. Debates often extend into late nights, delaying the process and threatening the July 4 target. 

Crypto Tax Exemptions and Lummis’ Proposals

Two key crypto market proposals are under consideration in the bill. Republican Senator Cynthia Lummis suggests exempting transactions under $300 and annual transfers below $5,000 from taxation. She also requests that staking, airdrop, and mining income be taxed only upon sale, aiming to prevent double taxation. These proposals were extensively discussed at the 2025 Bitcoin Conference. 

Democrats’ Ban Proposal and Senate Decision

Meanwhile, Democratic Senators Elizabeth Warren, Jeff Merkley, and Jack Reed proposed banning government officials from owning and promoting crypto, including their spouses and children. The Senate rejected this proposal, intensifying debates over crypto regulations. 

The Republicans’ slim majority in the Senate slows the progress. Afterward, the bill will proceed to the House of Representatives, further extending the timeline. This makes Trump’s July 4 goal increasingly difficult. Crypto regulations and tax reforms in the U.S. hold critical importance for the future of financial markets. 

Senate negotiations are lasting long hours, with the One Big Beautiful Bill expected to pass by the end of July. 

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The Strategic Bitcoin Reserve Will Become Permanent!

On March 7, Donald Trump signed an executive order to create a national reserve using Bitcoin (BTC) assets seized in government criminal cases. The bill to be introduced by Donalds will ensure that this reserve cannot be reversed by future administrations through executive action.

If the bill becomes law, the US Strategic Bitcoin Reserve and Digital Asset Stockpile initiatives will be permanent and protected from executive interference.

A Strong Chance of Passing in the Senate

The bill will require at least 60 votes in the Senate and a majority in the House of Representatives. However, with Republicans holding a majority in the Senate and the rise of crypto-friendly policies, the chances of the bill passing are increasing.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In a statement to Bloomberg, Byron Donalds said:

“For years, the Democrats waged war on crypto. Now is the time for Congressional Republicans to decisively end this war.”

According to Bitcoinlaws data, at least 23 US states have introduced bills supporting Bitcoin reserves. This shows the growing interest in integrating crypto into state-level fiscal policies.

A Pivotal Moment in US Crypto Regulations

The bill signals the US government’s intent to further integrate Bitcoin into its financial system.
Blockchain expert Anndy Lian stated, “This law gives Trump’s executive order a legal foundation and enables the government to take a clear stance on digital assets.”

If the bill passes, it is expected to reduce regulatory uncertainty and offer businesses and investors a clearer path forward. However, identifying the right funding mechanisms and custody solutions for the Bitcoin Reserve could be a challenge for the government.

The current plan does not mandate new Bitcoin purchases by the government. However, the US Treasury and Commerce Department are authorized to develop “budget-neutral strategies” to buy more Bitcoin, as long as there are no additional costs to taxpayers.

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