A key U.S. Senate panel has released a revised draft of a long-awaited crypto market structure bill, pushing forward efforts to define how digital assets should be regulated in the United States. The updated proposal would expand the authority of the Commodity Futures Trading Commission (CFTC), while leaving several contentious crypto issues unresolved.
The updated draft was published by the Senate Agriculture Committee, which plans to hold a markup hearing on January 27. The bill follows an earlier 155-page version released in November and reflects months of negotiation between Republican Chair John Boozman and Democratic Senator Cory Booker.
According to committee materials, the new version incorporates feedback from lawmakers, regulators, and industry participants. Senator Boozman said cooperation with Senator Booker has strengthened the legislation, though he acknowledged that major disagreements still remain.
One of the bill’s core goals is to establish clear trading rules for digital asset markets while expanding the CFTC’s oversight role. However, lawmakers remain divided over how to regulate decentralized finance platforms, stablecoins, and crypto-based reward systems.
Notably, the revised draft removes earlier provisions related to anti-money laundering requirements and rules governing non-controlling blockchain developers. These sections had drawn criticism from parts of the crypto industry, particularly developers who feared increased legal exposure.
Stablecoin rewards continue to be one of the most controversial elements. Some lawmakers and banking groups oppose allowing stablecoin issuers to pay interest to token holders, arguing it could disrupt traditional financial markets. Meanwhile, crypto industry advocates warn that restricting rewards could limit innovation and global competitiveness.
Progress has also been complicated by parallel efforts in the Senate Banking Committee. That panel delayed consideration of its own crypto legislation after Coinbase withdrew its support, citing disagreements over the regulation of DeFi, tokenized securities, and stablecoin incentives.
Before any bill can become law, the Agriculture and Banking committees must reconcile their competing proposals into a single framework. The final legislation would then face a full Senate vote, where it must secure at least 60 votes to pass.
If enacted, the bill would mark a major step toward creating a comprehensive regulatory framework for digital asset markets in the United States, potentially reshaping how cryptocurrencies, DeFi platforms, and stablecoins operate nationwide.
