On November 10, 2025, Chairman John Boozman (R-MT) and Senator Cory Booker (D-NJ) of the Senate Agriculture, Nutrition, and Forestry Committee released a bill governing crypto markets in the United States. The bill is similar in many ways to the Clarity Act, which the House of Representatives passed in July 2025.
Like the Clarity Act, the Discussion Draft seeks to focus federal oversight of cryptocurrency markets with the CFTC, thereby reducing the SEC’s jurisdiction over the sector. According to the committee’s press release, the bill includes:
- a definition of digital products and the establishment of a regulatory regime for digital products in the spot market with the CFTC;
- numerous consumer protections, including requirements for segregation of customer funds, safeguards against conflicts of interest, customer disclosure requirements, and prohibitions on certain affiliate transactions;
- a transaction registration regime designed to facilitate liquid and resilient regulated markets while protecting retail participants;
- requirements for the CFTC and SEC to coordinate and collaborate on necessary interagency rules;
- provisions dealing with self-custody and innovative technologies; And
- a new funding stream for the CFTC to establish a regulatory regime for the spot market.
Senator Boozman also announced his commitment to working with the Administration to ensure that the CFTC has the staff and resources necessary to manage its expanded authority under the legislation. As the federal government shutdown comes to an end and Congress returns to regular order operations, we anticipate further advancements in crypto market structure legislation in the coming months.
