Overview

• A 12-senator Democratic coalition released a seven-pillar plan that would give the CFTC exclusive authority over non-security crypto spot markets and direct the SEC to fold digital assets into existing securities regimes, including new DeFi oversight.
• The framework would require all platforms serving U.S. customers to register with FinCEN as financial institutions under the Bank Secrecy Act and implement AML/CFT controls, including for offshore firms accessing U.S. users.
• Democrats proposed limits on elected officials and their families issuing, endorsing, or profiting from digital assets and added disclosure requirements, explicitly citing President Trump’s growing crypto ventures.
• The group seeks bipartisan quorums at the SEC and CFTC before digital-asset rulemakings, pointing to commissioner vacancies and recent removals as reasons to ensure balanced participation.
• House Republicans are pressing the Senate to pass the CLARITY Act as Senate Republicans circulate competing drafts, with committee markups planned and expectations for a Senate vote shifting toward November or December.