Key takeaways
- A bipartisan Senate bill proposes moving regulatory oversight of cryptocurrencies from the SEC to the CFTC.
- The legislation aims to classify most crypto assets as digital products and strengthen the role and resources of the CFTC.
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A new bipartisan Senate plan could reshape U.S. crypto regulation by giving the CFTC, not the SEC, direct authority over digital commodities spot markets.
Senators John Boozman and Cory Booker on Monday proposed a bipartisan bill to formally designate the CFTC as the primary regulator of digital commodities spot markets. The Boozman-Booker proposal would treat most cryptocurrencies as commodities, creating clearer rules for trading and issuing tokens.
Building on the House CLARITY Act, the measure aims to balance innovation with consumer protection while ensuring the agency has the resources needed to oversee this fast-growing sector.
The industry, which has long campaigned for leadership at the CFTC, hailed the move as a major step toward unifying U.S. regulation of digital assets under a clear framework.
