The U.S. Senate Banking Committee is scheduled to vote in December 2025 on comprehensive legislation designed to structure the cryptocurrency market. This announcement was made by committee Chair Tim Scott during a recent television interview on Fox News.
The proposed bill aims to establish a unified regulatory framework for digital assets. A key provision of the legislation would formally designate Bitcoin and Ether as digital commodities, placing them under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This designation is intended to resolve an ongoing jurisdictional dispute between the Securities and Exchange Commission (SEC) and the CFTC regarding the oversight of digital assets.
The legislation also includes specific requirements for cryptocurrency exchanges. These requirements mandate that exchanges segregate customer funds, implement controls to manage conflicts of interest, and provide enhanced disclosures to users. These provisions are designed to address the vulnerabilities that were highlighted by the collapses of major exchanges such as FTX.
Senator Scott indicated that he plans to advance the legislation to the full Senate in early 2026, contingent on the committee's vote. Legislative projections suggest that President Donald Trump would be expected to sign the bill into law if it successfully passes Congress.
Bipartisan Negotiations Continue Amidst Key Disputes
Bipartisan negotiations regarding the cryptocurrency market structure legislation are still ongoing. A significant point of contention in these discussions has emerged concerning the regulation of decentralized finance (DeFi) platforms. According to sources familiar with the discussions, Democratic lawmakers have voiced concerns about potential risks related to money laundering and systemic vulnerabilities associated with DeFi protocols.
The planned committee vote in December represents a significant step forward in the ongoing efforts to establish federal oversight standards for the digital asset industry. This legislative push occurs at a time when markets for cryptocurrency exchange-traded funds are expanding and institutional adoption of digital assets is increasing.