Two US senators from opposite parties have unveiled draft legislation that would move most cryptocurrencies under the supervision of the Commodity Futures Trading Commission, marking the strongest bipartisan step yet toward a unified framework for digital-asset regulation.
A new push for CFTC authority
Senator Cory Booker, a Democrat from New Jersey, and Senator John Boozman, the Arkansas Republican who chairs the Senate Agriculture Committee, propose defining most crypto tokens as digital commodities. That classification would give the CFTC primary authority over crypto markets and reduce the Securities and Exchange Commission’s ability to treat tokens as securities.
The plan mirrors long-standing industry lobbying for CFTC oversight, viewed as more compatible with trading platforms and less punitive than SEC enforcement. Executives, including Coinbase CEO Brian Armstrong and Chainlink Labs co-founder Sergey Nazarov, have met with Senate leaders in recent weeks to press for progress on the bill.
Progress amid political deadlock
The move follows months of deadlock over the stalled CLARITY Act, intended to complement the GENIUS Act that created the first stablecoin framework. Lawmakers remain divided over how to handle decentralized finance and anti-money-laundering rules, delaying broader reform.
“This discussion draft is a first step, and we still have significant work to do before advancing the legislation out of committee,” Booker said, adding that the CFTC, which has only one of five commissioner seats filled, would need to be “appropriately staffed” to take on wider powers.
Divided views on feasibility
Some Democrats argue the CFTC lacks the capacity to oversee an industry of crypto’s scale, while the Trump camp has endorsed giving it primary jurisdiction. The Senate Agriculture Committee has not yet scheduled hearings or a markup on the proposal, leaving its path forward uncertain despite rare cross-party momentum.
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