The U.S. Senate Committee on Agriculture, Nutrition, and Forestry has released an updated draft of a bipartisan bill aimed at expanding the Commodity Futures Trading Commission's authority over digital commodities. Chairman John Boozman introduced the text on January 21, building on a previous discussion draft. The changes include oversight of spot transactions and exclusions for stablecoins.
On January 21, U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman, a Republican from Arkansas, unveiled updated legislative text for a crypto market structure bill. This draft expands on an earlier bipartisan version by granting the Commodity Futures Trading Commission (CFTC) new powers to regulate digital commodities, including authority over cash and spot transactions.
Key modifications in the updated text address several aspects of the crypto ecosystem. It explicitly excludes stablecoins from CFTC oversight, while incorporating 'meme coins' into the definition of network tokens. The bill also allows for ad hoc regulation of nonfungible tokens (NFTs) and consumptive tokens. To enhance security, it requires futures commission merchants to use qualified digital asset custodians for holding assets. Additionally, the legislation introduces an expedited registration process for digital commodity exchanges, brokers, and dealers.
This development comes amid ongoing efforts to clarify regulatory roles in the rapidly growing digital asset markets. The CFTC's expanded jurisdiction could provide clearer guidelines for trading and innovation, potentially distinguishing between different token types to foster compliance. The full draft bill is available for public review, marking a step toward comprehensive federal oversight of cryptocurrencies outside traditional securities frameworks.
Supporters view the bill as a balanced approach to protecting investors while promoting market maturity. However, details on implementation and potential impacts on smaller players remain subjects of discussion among stakeholders.
