A sharper regulatory push is taking shape as lawmakers move to define federal oversight of digital assets. A bipartisan discussion draft released on Nov. 20 would expand the Commodity Futures Trading Commission’s (CFTC) authority to supervise spot digital commodities through a proposed market-structure framework.
The U.S. Senate Committee on Agriculture, Nutrition, and Forestry announced that Chairman John Boozman and Senator Cory Booker released the draft following months of negotiations and after the House passed the Digital Asset Market Clarity Act (CLARITY Act). “The CFTC is the right agency to regulate spot digital commodity trading, and it is essential to establish clear rules for the emerging crypto market while also protecting consumers. This discussion draft advances those goals and lays an important marker as we work toward final policy language,” Boozman stated. Booker opined:
More Americans are engaging with novel financial markets and payment systems than ever before, and Congress must take steps to strengthen and expand regulatory frameworks to protect consumers from predatory practices, keep our markets safe, and prevent bad actors from exploiting regulatory gaps.
The proposal includes a digital-commodity definition, a CFTC-led spot-market regime, customer-protection rules, a trading-registration system, inter-agency coordination with the U.S. Securities and Exchange Commission, self-custody protections and new funding for the CFTC.
Read more: Trump’s CFTC Pick Puts XRP in the Spotlight as SEC Grip on Crypto Starts to Loosen
Additional remarks focused on the agency’s capabilities. Boozman noted: “The CFTC plays a critical role in maintaining the integrity and stability of our financial and derivatives markets. As Congress works to expand authority for the commission to oversee the trading of digital assets that are commodities, it’s essential that we also ensure it has the tools, personnel and resources necessary to carry out this new mission, along with its current responsibilities.”
Coinbase CEO Brian Armstrong recently went to Washington D.C. to press for progress on U.S. crypto rules, saying momentum has improved since his last visit. He said he hopes the Digital Asset Market Clarity Act will receive a December markup and could reach the president’s desk soon. Booker highlighted concerns involving resources, regulatory arbitrage, and corruption risks. Supporters argue that clearer federal rules could enhance liquidity and broaden adoption of bitcoin and ethereum across compliant U.S. venues.
- What authority would the draft give the CFTC?
It would expand the CFTC’s power to regulate spot digital commodity markets under a federal framework. - How could this framework impact bitcoin and ethereum?
It could enhance liquidity and increase adoption across compliant U.S. platforms. - Why are consumer protections emphasized in the draft?
Lawmakers seek to curb predatory practices and close digital-asset regulatory gaps. - What concerns were raised about the CFTC’s readiness?
Officials stressed the need for more resources, tools and personnel to support expanded oversight.
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