On November 10, 2025, Chairman John Boozman (R-MT) and Senator Cory Booker (D-NJ) of the Senate Agriculture, Nutrition and Forestry Committee released a discussion draft of legislation regulating crypto markets in the United States. The draft is similar in several ways to the Clarity Act, which the House of Representatives passed in July 2025.  

Like the Clarity Act, the discussion draft seeks to concentrate federal oversight over cryptocurrency markets with the CFTC, diminishing the jurisdiction of the SEC over the sector. According to the committee’s press release, the bill includes:

• a definition of digital commodities and the establishment of a spot market digital commodity regulatory regime with the CFTC;
• numerous consumer protections including customer fund segregation requirements, conflict of interest safeguards, customer disclosure requirements, and prohibitions on certain affiliated trading;
• a trading registration regime designed to facilitate liquid and resilient regulated markets while protecting retail participants;
• requirements for the CFTC and SEC to coordinate and collaborate on necessary inter-agency rulemakings;
• provisions addressing self-custody and innovative technology; and
• a new funding stream for the CFTC to stand up a spot market regulatory regime.

Senator Boozman also announced his commitment to working with the Administration to ensure the CFTC has the staffing and resources to handle its expanded authority under the legislation. With the federal government shutdown nearing an end and Congress resuming regular order operations, we anticipate further movement on crypto market structure legislation in the coming months.