Everything You Need to Know About the New US Crypto Market Structure Bill

Sean Williams

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  • The U.S. Senate’s new draft bill grants the CFTC primary oversight of digital assets.
  • Bitcoin is formally defined as a “digital commodity,” boosting regulatory clarity.
  • Self-custody and DeFi developers gain protection from heavy-handed regulations.

The U.S. Senate Agriculture Committee has unveiled a draft of the Crypto Asset Market Clarity Act, a long-awaited bill aiming to bring structure and certainty to digital asset regulation. Led by Senator John Boozman (R-AR) and Senator Cory Booker (D-NJ), the proposal would give the Commodity Futures Trading Commission (CFTC) more authority over the Securities and Exchange Commission (SEC) in overseeing cryptocurrencies.

The bill defines “digital commodities” as blockchain-based, fungible assets that can be exchanged peer-to-peer without intermediaries. It explicitly excludes stablecoins, NFTs, and meme coins, seeking to end years of jurisdictional disputes between the SEC and CFTC.

CFTC Takes the Lead — SEC Steps Back

If passed, the CFTC will oversee spot trading markets, requiring exchanges, brokers, and custodians to register and comply with new standards. These include anti-manipulation measures, segregated customer funds, cybersecurity requirements, and dedicated compliance officers.

Importantly, open-source developers and self-custody wallet users would be exempt from money transmitter laws — a move praised by the DeFi Education Fund as crucial for protecting innovation and distinguishing developers from centralized intermediaries.

Bitcoin Emerges as the Biggest Winner

The bill is being hailed as the most pro-Bitcoin legislation ever proposed. It formally classifies Bitcoin as a “digital commodity”, giving it a clear regulatory home under the CFTC. According to The Great Harvest author Adam Livingston, this recognition could pave the way for regulated Bitcoin spot exchanges, bringing institutional confidence and liquidity into the market.

Livingston predicts that with this clarity, corporate treasuries and Wall Street firms may increasingly adopt Bitcoin as a reserve asset, potentially unlocking trillions in crypto-backed financial products and new forms of digital credit.

Also Read: From $5.5B to $259M: How Digital Asset Treasuries (DATs) Are Losing Institutional Momentum

A Defining Moment for U.S. Crypto Policy

Still in the discussion phase, the bill will undergo revisions — especially around DeFi and privacy coins — but it represents a historic shift in Washington’s tone toward crypto. For the first time, lawmakers appear committed to establishing rules that balance innovation with consumer protection.

If enacted, the legislation could mark the start of a more mature era for Bitcoin and the broader crypto market, where trust and transparency replace confusion and fear.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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