Senators Propose CFTC Oversight for Digital Commodities in Bipartisan Crypto Bill
A draft bill spearheaded by Senate Agriculture Chair John Boozman (R-Ark.) and Sen. Cory Booker (D-N.J.) seeks to grant the CFTC expanded regulatory authority over cryptocurrencies classified as digital commodities. The bipartisan effort marks a rare thaw in political tensions surrounding crypto legislation.
The proposal WOULD empower the CFTC to register and oversee digital commodity exchanges, enforcing stricter standards for custody, transparency, and cybersecurity. Jurisdiction would cover cryptocurrencies not deemed securities, creating clearer rules for the volatile sector.
Key provisions remain under negotiation, including exchange registration requirements and token classification frameworks. The Agriculture Committee's oversight role positions the CFTC as the primary regulator, signaling growing institutional recognition of crypto markets.
