U.S. Senate Agriculture Committee Advances Comprehensive Crypto Regulation
- The draft Crypto Market Structure Bill is a 155-page proposal expanding the CFTC’s authority over digital assets.
- Senators John Boozman and Cory Booker emphasized the bill aims to protect consumers by closing regulatory loopholes.
- A markup of the bill is scheduled for early December, reflecting bipartisan urgency in finalizing crypto regulations.
- The CFTC currently has about 543 staff members, significantly fewer than the SEC’s more than 4,000, raising concerns about its capacity to manage increased responsibilities.
- Unresolved sections of the draft include decentralized finance and anti-money-laundering standards, with lawmakers seeking further feedback before markup.
This legislation represents a significant step toward comprehensive oversight of digital assets in the U.S., aiming to enhance consumer protections and regulatory clarity across markets.
With a markup set for early December, if passed, this bill will grant broader jurisdiction to the CFTC over digital assets, addressing key regulatory gaps identified by lawmakers.
