【The U.S. Senate Agriculture Committee's crypto bill grants new powers to the CFTC, but key issues remain unresolved】
According to reports from The Block, the United States Senate Agriculture Committee has released a draft of legislation to regulate the crypto industry, granting new powers to the CFTC. Previously, the House of Representatives passed the Digital Asset Market Transparency Act in July, and the Senate subsequently began drafting its own related legislation. The bill proposed by the Republican-led Senate Banking Committee aims to delineate the jurisdictional boundaries between the SEC and the CFTC, introducing 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, the proposed bill is particularly crucial. This lengthy 155-page draft defines digital commodities and establishes a regulatory framework for the CFTC. Bill drafter Cory Booker stated that more work needs to be done, expressing concerns about insufficient CFTC resources and the bipartisan committee issues that could lead to regulatory arbitrage, as well as worries about public corruption and whether regulatory measures are adequate. The Agriculture Committee's bill provides new funding sources for the CFTC, indicating that the CFTC should charge unspecified crypto entities. The parentheses in the bill reflect 'unresolved issues' that still need to be negotiated by both sides. Additionally, Democrats face obstacles related to conflicts of interest from Trump's crypto business, and the Agriculture Committee's bill includes provisions regarding conflicts of interest.
