Senate nears release of updated Crypto Market Structure Bill assigning CFTC and SEC roles in digital asset regulation.
Lawmakers in the U.S. Senate are close to finalizing a new draft of the Crypto Market Structure Bill.
This bipartisan bill aims to provide legal clarity on digital assets and how they are regulated. It is expected to assign roles to both the CFTC and the SEC. The updated draft could be released later this week or early next week, depending on final changes.
Senate Committee Moves Closer to Releasing Final Bill Draft
The U.S. Senate Agriculture Committee is finalizing its updated draft of the Crypto Market Structure Bill. The bill has been in development for several months with input from lawmakers and industry voices.
According to journalist Eleanor Terrett, the committee may release the draft this week. However, others close to the process say next week is more likely due to final edits.
🚨SCOOPLET: @SenateAg is close to releasing its long-awaited bipartisan draft that deals with the commodities side of the crypto market structure bill, according to multiple sources, but exact timing differs depending on who you speak to.
Some say the committee could move as…
— Eleanor Terrett (@EleanorTerrett) October 30, 2025
The bill seeks to create a clear legal structure for digital assets. It will also help crypto companies understand what rules apply to their products and services. The draft is part of a larger effort to bring more oversight and order to the fast-growing crypto space.
This version updates an earlier draft shared in September. Since then, lawmakers have worked to make the language more precise and reduce confusion around asset definitions. This may help regulators enforce the law fairly and support responsible innovation.
Bill Assigns Oversight Roles and Defines Digital Assets
The draft bill assigns clear oversight roles to the CFTC and the SEC based on asset type. Digital commodities, like Bitcoin, will fall under the CFTC. The SEC will handle digital assets that qualify as securities under U.S. law. This aims to avoid overlaps and reduce confusion for crypto firms and investors.
Importantly, the bill introduces categories such as digital commodities, investment contract assets, and payment stablecoins.
Each group will have different rules and will be handled by the appropriate regulator. This gives projects a better sense of what compliance steps they need to follow.
The updated draft also clarifies rules around staking, airdrops, and decentralized infrastructure. These activities will not automatically be treated as securities. Besides, this may give blockchain developers more freedom to build without fear of sudden enforcement.
Bipartisan Support Grows as Industry Gives Input
Talks between Republican and Democratic lawmakers have recently picked up speed. This follows a pause after Democrats introduced new rules for DeFi under the CLARITY Act. That proposal faced pushback from developers and some lawmakers, who said it could hurt open-source projects.
As a result, both sides agreed to restart talks and find middle ground.
Recent industry roundtables helped bring more voices into the discussion. Leaders from companies like Coinbase and Ripple took part in those meetings. They shared concerns about regulation and asked lawmakers to support innovation while protecting users.
Coinbase CEO Brian Armstrong said lawmakers are now “90% aligned” on key parts of the bill. He added that both parties want the bill done by year-end. Hence, the final draft is expected to reflect those talks and include changes suggested by the industry.
