The US Senate Agriculture Committee shared a draft crypto legislation late Monday outlining a potential regulatory framework for digital assets in the country, according to an official summary. The document is expected to be reviewed in committee in the coming days before moving to a formal vote.
Key Provisions and Industry Impact
The proposal seeks to define “digital commodities” and assign oversight of Bitcoin and Ethereum to the CFTC, a shift the industry has long requested for clearer rules. If advanced, the bill could reduce overlapping enforcement between agencies and offer developers and businesses a more predictable operating environment. Industry groups argue that clarity could encourage innovation and keep crypto development in the US rather than moving offshore.
Next Steps and Market Watch
A revised version of the draft is expected later this month, with potential amendments before a Senate-wide discussion. Market participants are watching for timeline updates and any early bipartisan support signals.