A Senate panel is preparing to vote on a crypto bill that could divide oversight between the SEC and CFTC, with major implications for U.S. digital asset regulation.
A Senate panel is preparing to vote on a crypto bill that could divide oversight between the SEC and CFTC, with major implications for U.S. digital asset regulation.
The Senate Banking Committee has scheduled a vote on digital asset market structure legislation that could divide regulatory oversight of cryptocurrencies between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Chairman Tim Scott announced the markup of the bill, moving it toward a full committee vote. The legislation, referred to as the CLARITY Act, aims to establish a framework determining which digital assets fall under SEC jurisdiction and which belong to the CFTC.
The Senate Agriculture Committee has also been shaping the legislation. Chairman John Boozman unveiled updated market structure legislation and scheduled a business meeting, signaling bipartisan momentum on the dual-committee approach.
This committee markup is a critical procedural step. Without clearing the panel, the bill cannot advance to a full Senate floor vote, making this the first real legislative gate for comprehensive crypto market structure reform.
WHAT TO KNOW
The proposed legislation would create distinct regulatory lanes for digital assets. Under the framework outlined in the CLARITY Act fact sheet, tokens that function primarily as securities would remain under SEC oversight, while those classified as digital commodities would fall to the CFTC.
The split addresses a long-standing jurisdictional gray area. Both regulators have claimed authority over parts of the crypto market for years, creating uncertainty for exchanges, token issuers, and investors operating in the United States.
How specific tokens get classified, and which thresholds trigger one regulator versus the other, remains a central point of debate. The legislation would need to define clear criteria to prevent overlap or regulatory gaps between the two agencies.
Regulatory clarity has been a top priority for crypto firms operating in the U.S. market. Without clear rules, companies have faced enforcement actions from both the SEC and CFTC, sometimes over the same products, as Coin Center has documented in its analysis of the pending vote.
A defined split could benefit exchanges and token projects by giving them a single primary regulator to work with. It could also create new compliance burdens if some platforms handle assets that fall under both agencies, a concern particularly relevant for DeFi protocols like those involved in recent security incidents that span multiple asset types.
The timing of the vote coincides with broader legislative activity around digital assets in Congress. Growing institutional interest, reflected in developments like recent crypto ETF inflow patterns and international exchanges listing crypto futures, underscores why U.S. lawmakers face pressure to establish a regulatory framework.
If the bill clears the committee vote, it would advance to the full Senate floor for debate. The involvement of both the Banking and Agriculture committees suggests cross-committee support, though amendments during markup could still reshape key provisions before any floor vote.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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