The U.S. Senate Agriculture Committee has approved a bill to give the Commodity Futures Trading Commission oversight of digital commodities. The vote occurred along party lines on January 29, marking the first such advancement for crypto legislation in a Senate committee. However, bipartisan support has waned, and further approvals are needed.
On January 29, the Senate Agriculture Committee, led by Chairman John Boozman (R-Ark.), voted to advance a cryptocurrency market structure bill. This legislation aims to grant the Commodity Futures Trading Commission (CFTC) regulatory authority over digital commodities, a move intended to clarify oversight in the growing crypto sector.
The decision came despite the loss of bipartisan backing. Boozman had worked with Senator Cory Booker (D-N.J.) on an earlier draft last year, but Booker withheld support for the current version approved on that Thursday. This partisan split highlights ongoing challenges in forging consensus on crypto regulation.
This step represents a milestone, as it is the first time a comprehensive crypto market structure bill has progressed beyond a Senate committee. Nevertheless, significant obstacles lie ahead. The Senate Banking Committee must now approve its own variant of the bill. Only after reconciliation of the two versions can the measure proceed to the full Senate for a vote.
The advancement reflects broader efforts to establish a structured regulatory framework for cryptocurrencies amid their rapid market expansion. While details of the bill's provisions remain focused on CFTC authority, the process underscores the evolving landscape of digital asset oversight in the United States.
