The U.S. Senate Agriculture Committee has announced a virtual currency market structure bill. Cryptocurrency regulations will give the Commodity Futures Trading Commission (CFTC) greater control than the Securities and Exchange Commission (SEC) and provide clarity in oversight of digital assets.
Senate Draft Cryptocurrency Market Structure Bill
The U.S. Senate Agriculture, Nutrition, and Forestry Committee today released a draft of the bipartisan Crypto Asset Market Transparency Act. The bill, sponsored by Chairman John Boozman (R-Ark.) and Ranking Member Cory Booker (D-N.J.), outlines a cryptocurrency regulatory framework that would bring “digital products” under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The bill primarily amends the Commodity Exchange Act to provide clear rules for digital asset products such as Bitcoin spot market trading. In contrast, the SEC oversees digital assets that are considered securities.
Boozman hailed it as a “bipartisan breakthrough” to “provide certainty for innovators and investors,” while Booker emphasized consumer protection measures. The bill is in the discussion draft stage and final status is still awaited on topics such as exemptions for DeFi and treatment of privacy coins.
Commenting on the section left blank regarding DeFi, Amanda Tuminelli, executive director of the DeFi Education Fund, said:
It’s good to see the Agriculture Committee making progress on market structure and releasing a bipartisan draft. We expect the section left for DeFi to be filled with strong developer protections that clearly distinguish software developers from centralized intermediaries who have no control or control over other people’s money.
Core aspects of the Digital Asset Market Transparency Act
The Crypto Market Structure Bill defines “digital goods” as fungible blockchain-based assets that enable peer-to-peer transfers without intermediaries. This excludes stablecoins, NFTs, and meme coins and resolves the power war between the CFTC and SEC.
The bill gives the CFTC jurisdiction over the spot market and requires the registration of brokers, dealers, exchanges, and custodians. Key duties include anti-manipulation measures to prevent fraud, segregation of customer funds, cybersecurity protocols, and a chief compliance officer.
Open source developers and self-custodial wallets are finally exempt from money transfer rules. The Crypto Market Structure Bill would give individuals the right to directly own and trade digital assets without relying on intermediaries.
BIG: New Senate draft protects self-control of Bitcoin and digital assets as a right! Incredibly strong! pic.twitter.com/zg58XRNmyM
— Dennis Porter (@Dennis_Porter_) November 10, 2025
The CFTC must finalize the rules within 18 months of enactment, and existing platforms will have a transition period. It also cites the CFTC and SEC’s joint guidance on “mixed” trade and international coordination.
Massive development of Bitcoin
“big harvest” Author Adam Livingston argues that the Virtual Currency Market Structure Act is the most pro-Bitcoin federal language that defines BTC as a digital commodity, adding that the bill would create a fully regulated, CFTC-supervised spot Bitcoin exchange and increase confidence in spot Bitcoin infrastructure among Wall Street firms.
“This is the first time that U.S. law has formally recognized Bitcoin’s sovereignty principles,” Livingston said. Self-custody and protection of peer-to-peer transactions are key to the draft. Corporate treasuries will have clarity and support Bitcoin as a reserve asset.
He believes trillions of dollars will flow into the crypto market from Bitcoin-backed credit, the BTC treasury ladder, BTC money market equivalents, insurance-related lending products, corporate payments rails, and more.
The bill is a top priority for both the politically powerful crypto industry and President Donald Trump. It is designed to provide the “regulatory clarity” that digital asset managers and lobbyists have always needed.