The Senate Agriculture Committee (SACC) has officially released the detailed text of its proposed legislation aimed at establishing a regulatory framework for the digital asset spot markets. The bill, a culmination of months of bipartisan negotiations, seeks to grant the Commodity Futures Trading Commission (CFTC) expanded authority over cryptocurrencies defined as ‘digital commodities,’ such as Bitcoin and Ethereum. Key provisions within the unveiled text reportedly include mandatory registration requirements for digital commodity trading facilities, strict consumer protection standards, and new requirements regarding custody and conflict of interest management for exchanges.
However, following the public release, the Committee Chair issued a statement emphasizing that the legislative process is ongoing and consensus is not yet fully achieved. The Chair acknowledged that while the draft text represents significant progress, ‘differences remain’ among members concerning specific details. These sticking points are widely understood to involve critical definitional issues—particularly the exact jurisdictional boundaries between the CFTC’s proposed authority and the Securities and Exchange Commission’s (SEC) existing oversight of digital asset securities, as well as operational rules for stablecoins and market surveillance. The release of the text initiates the formal committee review phase, but further negotiations and potential amendments are expected before the bill is ready for a committee markup or consideration by the full Senate.
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