On Nov. 10, the Senate Agriculture Committee released its draft framework for regulating digital asset commodities, a landmark step toward establishing comprehensive rules for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in the United States.
The bipartisan text, co-authored by Sen. John Boozman (R-Ark.) and Sen. Cory Booker (D-N.J.), marks the first concrete proposal to give the Commodity Futures Trading Commission (CFTC) clear jurisdiction over spot digital commodities.
Related: Polymarket wins CFTC approval to launch in U.S.
It also sets out formal standards for market integrity, fund segregation, and consumer protection across the crypto sector.
“This is the most consequential roadmap for how an institution is going to integrate digital assets into their business,” said Cody Carbone, CEO of the Digital Chamber, in an interview with CNBC.
“It’s the best possible step-by-step of what compliance requirements they’ll need to follow to work with crypto.”
Wall Street analysts and crypto executives are describing the bill as the “Dodd-Frank moment” for digital assets, a long-awaited bridge between traditional financial regulation and blockchain innovation.
“This discussion draft advances those goals and lays an important marker as we work toward final policy language,” said Boozman, adding that “the CFTC is the right agency to regulate spot digital commodity trading.”
The legislation also has White House backing. President Donald Trump has called the market structure overhaul a top priority of his administration, viewing it as a pathway to bring “regulatory clarity” and boost innovation at home.
Top banking executives and regulators are increasingly voicing support for clear crypto market rules, saying the Senate’s new framework could finally bring digital assets into the traditional financial system.
Bank of America CEO Brian Moynihan said that regulatory clarity would trigger a wave of banking adoption.
“If the rules come in and make it a real thing that you can actually do business with, you will find the banking system will come in hard on the transactional side of it,” Moynihan.
Gracy Chen, CEO at Bitget, a universal exchange (UEX), in a statement to TheStreet Roundtable, said:
“The disruption of key agencies and delays in market-structure legislation have exposed the fragility of centralized operations, potentially accelerating calls for clearer, bipartisan crypto regulation once normal functions resume.”
