Senate Agriculture Panel Poised to Unveil Bipartisan Crypto Market Structure Draft

Overview

• Multiple industry and Capitol Hill sources say the committee has finished its commodities-focused text and could publish it as soon as Oct. 31 or early next week.
• The draft would split oversight by directing the CFTC to regulate digital commodities and spot markets while keeping securities under the SEC.
• It creates three categories for digital assets—digital commodities, investment contract assets, permitted payment stablecoins—to clarify jurisdiction and compliance obligations.
• Provisions target market manipulation and outline tailored approaches for DeFi, stablecoin oversight, and illicit-finance controls with an emphasis on preserving innovation.
• Bipartisan talks have restarted across the Agriculture and Banking committees, with Coinbase’s Brian Armstrong citing productive meetings, but timing for markup and floor action remains uncertain.