Senate Agriculture Committee Publishes Draft Bill to Define CFTC Authority Over Crypto Markets

The U.S. Senate Agriculture Committee released a draft cryptocurrency market structure bill on Monday, seeking to clarify the Commodity Futures Trading Commission's oversight of spot crypto trading. The legislation, led by Chairman John Boozman and Senator Cory Booker, establishes foundational definitions and directs the CFTC and SEC to conduct joint rulemaking on regulatory matters including portfolio margining and intermediary oversight. The draft contains bracketed sections indicating ongoing negotiations, with Democratic members noting that certain provisions may require input from the Senate Banking Committee.