The U.S. Capitol was captured in the morning light following the Senate's decision to pass a bill reopening the federal government on November 11, 2025. This significant legislative move, captured in an image by Win McNamee for Getty Images, took place on Capitol Hill in Washington, DC.
In a landmark development, the Senate Agriculture Committee has released a draft of a much-anticipated digital assets market structure bill. Rolled out on Monday by Agriculture Chair John Boozman, R-Ark., and Sen. Cory Booker, D-N.J., this bipartisan discussion draft represents a pivotal advancement in regulatory clarity for the U.S. cryptocurrency industry. The proposed legislation serves as a foundational framework for both institutional and retail adoption of digital assets, ranging from bitcoin and ether to tokenized financial instruments. Cody Carbone, CEO of the crypto trade association Digital Chamber, remarked to CNBC, 'This is the most consequential roadmap for how an institution is going to integrate digital assets into their business.' He added, 'It's like the best possible step-by-step of what type of compliance rules and requirements they would need to follow to work with crypto.'
Here are five key takeaways from the discussion draft:
- Grants favorable regulatory status to some cryptocurrencies: The draft classifies major digital assets like bitcoin and ether as 'digital commodities,' bringing them under the Commodity Futures Trading Commission's (CFTC) jurisdiction. This change is expected to remove significant barriers for institutional investors, according to Juan Leon, an analyst at Bitwise. 'Compliance and risk departments will finally have a federal statute to point to,' he told CNBC, adding that it will create a 'starkly bifurcated market' with increased institutional capital flowing into regulated tokens.
- Requires crypto firms to segregate funds and manage conflicts of interest: The bill proposes that crypto companies establish governance, personnel, and financial separations among distinct business divisions. Juan Leon noted that this provision challenges the prevalent 'all-in-one' business model of many crypto exchanges, requiring them to operate more like traditional financial institutions — a move seen as crucial for institutional adoption.
- Gives the CFTC more power to regulate digital assets: The draft extends additional authority to the CFTC, allowing it to collaborate with the Securities and Exchange Commission (SEC) on joint rulemaking for the crypto sector. Cody Carbone highlighted that this represents a shift toward the CFTC, which had been previously edged out by the SEC for oversight of digital assets.
- Allows the CFTC to collect fees: The proposal includes a provision for regulated entities to pay fees to the CFTC, contributing to the oversight, registration, and outreach activities of the commission.
- Establishes listing standards for tokens: The draft mandates that crypto exchanges only permit trading of digital commodities that are 'not readily susceptible to manipulation.' This aims to curb occurrences of 'rug pulls' and other scams, thus bolstering market confidence.