Overview
- Senate Agriculture leaders John Boozman and Cory Booker released a bipartisan discussion draft giving the CFTC authority over spot digital commodities and creating registrations for exchanges, brokers and dealers.
- The framework imports futures-style consumer protections, including market surveillance, cybersecurity, segregation of customer assets with qualified custodians, disclosures, and pre-listing certifications.
- The draft excludes securities and payment stablecoins, reserving securities oversight to the SEC and custodial and payment activities to federal banking regulators.
- Large portions of text remain bracketed, with unresolved decisions on DeFi treatment, developer classification, AML and sanctions provisions, and certain definitions.
- Industry groups are pressing for changes as sponsors coordinate with Senate Banking, target an early December markup, and confront CFTC resourcing issues with a confirmation hearing for chair nominee Mike Selig set for Nov. 19.