What happened: Senate Agriculture Committee Chair John Boozman (R‑AR) and Sen. Cory Booker (D‑NJ) unveiled a bipartisan discussion draft that would provide the Commodity Futures Trading Commission (CFTC) primary authority over the spot market for “digital commodities.” The draft builds on the House‑passed CLARITY Act from July and arrives with bracketed sections indicating ongoing negotiations and open questions. (U.S. Senate Comm. on Agric., Nutrition & Forestry, Boozman, Booker Release Bipartisan Market Structure Discussion Draft (Nov. 10, 2025)).
What’s in it: The proposal would define “digital commodities,” establish a CFTC‑supervised spot‑market regime, and include customer protections such as segregation of customer assets, conflict‑of‑interest controls, tailored disclosures, and limits on certain affiliated trading. (id.) It would create a registration framework for digital-commodity trading platforms designed to enhance market liquidity while safeguarding retail participants. (id.) The draft also mandates formal coordination between the CFTC and the Securities Exchange Commission (SEC), protects self‑custody and innovative technologies, and proposes a dedicated funding stream so the CFTC can staff and operate the new oversight framework. (id.)
What’s new: This marks the Senate’s first bipartisan proposal with text explicitly empowering the CFTC to regulate spot digital-commodity trading, coupled with comprehensive consumer‑protection provisions and a structured coordination process between the CFTC and SEC through an interagency rulemaking mandate. (see id.) The inclusion of self‑custody protections and a clear funding plan are notable upgrades from prior outlines, as is the transparent use of bracketed language to flag unresolved policy choices for committee negotiation and stakeholder input. The approach reflects a growing recognition in Congress that effective digital-asset legislation will require both bipartisan consensus and active feedback from market participants.
Why it matters: By clarifying jurisdiction, harmonizing consistent rules, and ensuring the CFTC has sufficient resources to supervise, the draft seeks to address the core criticisms of U.S. crypto oversight: fragmentation, opacity, and under‑resourcing. (id.) Boozman framed the CFTC as the right agency for spot digital-commodity trading supervision, while Booker emphasized retail safeguards and agency capacity. Building on the House’s passage of the CLARITY Act as a foundation, the draft marks a concrete step toward a harmonized, consumer‑protective market structure that keeps innovation onshore while tightening accountability. (id.)
