The US Senate Agriculture Committee's crypto bill grants new powers to the CFTC, but key issues remain unresolved

ChainCatcher news, according to The Block, the U.S. Senate Agriculture Committee has released a draft bill for crypto industry regulation, granting new powers to the CFTC.

Previously, the House of Representatives passed the Digital Asset Market Transparency Act in July, after which the Senate began drafting its own related legislation. The draft bill, proposed by the Republican-led Senate Banking Committee, aims to delineate the jurisdictions of the SEC and CFTC, and introduces the new concept of "ancillary assets" to clarify which cryptocurrencies do not fall under the category of securities. Given that the Senate Agriculture Committee has jurisdiction over the CFTC, its proposed bill is particularly significant. This 155-page draft defines digital commodities and establishes a regulatory framework for the CFTC.

Cory Booker, one of the drafters of the bill, stated that more work is still needed, expressing particular concern about the CFTC's lack of resources and the potential for regulatory arbitrage due to bipartisan committee issues, as well as concerns about public corruption and the adequacy of regulatory measures. The Agriculture Committee's bill provides new funding sources for the CFTC, indicating that the CFTC should charge unspecified crypto entities. Brackets in the draft reflect "unresolved issues" that still require negotiation between both parties. In addition, Democrats are facing obstacles due to conflicts of interest related to Trump's crypto business, and the Agriculture Committee's bill already contains provisions regarding conflicts of interest.