Draft Crypto Guidance from Senate Agriculture Committee Targets CFTC Role

The Senate Agriculture Committee plans a bipartisan crypto guidance draft to define CFTC’s oversight role, releasing the proposal in early September.

The bill aligns with the White House's September deadline to develop crypto regulations following the GENIUS Act's passage.

The SEC and CFTC are expected to jointly regulate crypto firms under a coordinated legislative framework established in the merged market structure bill.

The Senate Agriculture Committee is preparing to release a draft discussion in early September that will outline the Commodity Futures Trading Commission's role in overseeing digital assets. This draft will complement the crypto market structure bill recently issued by the Senate Banking Committee, which focuses on the Securities and Exchange Commission's jurisdiction.

According to individuals familiar with the matter, the draft is intended to serve as a bipartisan effort. Democratic Senator Amy Klobuchar is among those contributing to the draft, highlighting cross-party cooperation. The Agriculture Committee's draft will reflect the CFTC's regulatory responsibility and coordinate with the SEC’s framework to form a unified approach.

September release aligns with congressional deadline

The expected September release aligns with the end of the Senate recess. It also coincides with a deadline set by the White House for Congress to advance a crypto market structure framework. This follows the recent signing of the GENIUS Act, which sets the legislative timeline in motion for digital asset governance.

The current version of the Senate Banking Committee’s bill includes provisions for the SEC and CFTC to jointly create rules for crypto firms that register with either agency. The Agriculture Committee’s draft is expected to reinforce those elements, defining clear responsibilities for the CFTC in regulating digital assets treated as commodities.

CFTC may gain formal authority under draft bill

The market structure bill proposes that the CFTC must issue decisions on crypto-related applications within 270 days of submission. It remains likely that the Agriculture Committee’s draft will retain this clause, solidifying the Commission’s authority and timelines in the crypto regulatory space.

Although both committees are working on separate drafts, the intent is to merge them into a comprehensive market structure bill. It is unclear whether the Senate will continue developing its version of the CLARITY Act or incorporate parts of the existing House bill.

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