The U.S. Senate Agriculture Committee has released a discussion draft for crypto market structure legislation, focusing on CFTC oversight of digital commodities. The bill aims to clarify regulation amid ongoing congressional efforts. Industry leaders and lawmakers see it as progress, though challenges remain.
On November 15, 2025, the Senate Agriculture Committee published its draft bill text for market structure legislation, addressing digital commodities and the Commodity Futures Trading Commission's (CFTC) role in overseeing spot market trading for these assets. The draft defines digital commodities and outlines potential CFTC regulations, moving the agency toward primary oversight of this crypto sector. It includes bracketed sections indicating unresolved areas, such as definitions and rulemaking directions, suggesting bipartisan negotiations are ongoing.
Committee Chair John Boozman stated, “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. Strengthening this institution better protects consumers, encourages innovation, promotes transparency and upholds liquid and resilient markets.”
Sen. Cory Booker described the draft as "a first step," expressing concerns about CFTC resources, bipartisan commissioners, regulatory arbitrage, and public official corruption. He said, "I urge my colleagues and external stakeholders to come together to address these issues." Provisions in the draft require at least two commissioners, including minority party members, before rulemaking begins, and address conflict-of-interest concerns, though both are bracketed for potential changes.
Jeff Park, Chief Investment Officer at ProCap BTC, supported CFTC leadership over the SEC, noting in an interview, “The CFTC is in the business of financial innovation,” and that it suits crypto's global commodity nature. He added, “It makes sense that the CFTC be the regulator who can look at the broader section of global commodities markets.”
Industry reactions were positive. Blockchain Association CEO Summer Mersinger called it "another important step." DeFi Education Fund Executive Director Amanda Tuminelli welcomed the progress and hoped for robust DeFi developer protections. Crypto Council for Innovation CEO Ji Hun Kim described it as "meaningful positive progress toward establishing a comprehensive, fit-for-purpose market structure framework for digital commodities in the U.S."
Passage faces hurdles with limited December 2025 sessions—roughly three work weeks—making floor action unlikely until 2026. Ron Hammond of Wintermute noted possible markup hearings by year-end but requiring significant effort. Chainlink's Adam Minehardt said the Senate holds the driver's seat, with the House potentially adopting its version before President Trump's signature, possibly delayed into election season.