Senate Unveils Draft Bill To Give CFTC New Crypto Authority

The U.S. Senate Agriculture Committee has released a draft bill that would give the Commodity Futures Trading Commission (CFTC) new powers to oversee the cryptocurrency market.

The debate draft was released by Sens. John Boozman and Cory Booker on Monday and is based on work done by the House over the summer. statement Said.

The bill Authorizes the CFTC to regulate spot trading in digital products that are not classified as securities. It would also give the agency the authority to register and supervise virtual currency trading platforms, and enforce rules on custody, transparency, auditing, and cybersecurity.

“The CFTC is the appropriate agency to regulate spot digital commodity trading,” Boozman said. “It is essential to establish clear rules for emerging crypto markets while protecting consumers.”

🚨Senate releases draft crypto bill – this is huge for Bitcoin 🚨

The Senate Agriculture Committee just killed a major cryptocurrency market structure bill…

…And embedded within it is the most pro-Bitcoin federal language I’ve ever seen.

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— Adam Livingston (@AdamBLiv) November 10, 2025

Boozman worries about CFTC’s lack of resources

But Boozman also expressed concerns about the CFTC’s lack of resources and its bipartisan membership. Currently, the CFTC has 543 full-time employees, far fewer than the Securities and Exchange Commission (SEC)’s 4,200.

Caroline Pham is currently the only CFTC Commissioner to serve as Acting CFTC Chair, with four other seats vacant. President Trump nominated Mike Selig, advisor to the SEC Cryptocurrency Task Force, to replace him.

“As Congress works to expand the Commission’s authority to oversee trading in commodity digital assets, it is also essential to ensure that the Commission has the tools, personnel, and resources necessary to carry out this new mission in addition to its current responsibilities,” Boozman said.

Draft bill outlines boundaries for regulators

of bill Outlines the boundaries between the CFTC and the SEC when supervising cryptocurrency markets.

Main issues of the draft bill (Source: U.S. Senate Agriculture Committee)

The draft also defines terms such as “blockchain” and how these concepts apply under the Commodity Exchange Act. It directs the CFTC to work with the SEC on rulemaking to address various aspects of the digital asset industry, from portfolio margin on securities to how government agencies supervise intermediaries.

The bill comes as both the SEC and CFTC have taken steps in recent weeks to implement recommendations made by a White House task force on how to improve regulation of the digital asset industry.

“With more Americans than ever engaging in new financial markets and payment systems, Congress must take steps to strengthen and expand the regulatory framework to protect consumers from predatory practices, keep markets safe, and prevent bad actors from exploiting regulatory gaps,” Booker said.

unresolved issues remain

Some sections have not yet been finalized and require further negotiations. aAnother potential hurdle is calls from Democratic senators to address President Donald Trump’s conflicts of interest.

Bloomberg estimated in July that the Trump family made about $620 million in profits from crypto ventures, including decentralized finance (DeFi) platform World Liberty Financial.

Booker said he is particularly concerned about regulatory arbitrage and “ongoing public corruption and whether Congress has adequate guardrails in place to prevent this bad behavior.”

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