The US Senate Agriculture Committee has unveiled draft legislation that would grant the Commodity Futures Trading Commission (CFTC) new powers to oversee the crypto market.
The discussion draft was released on Monday by Senator John Boozman and Senator Cory Booker, building upon work previously undertaken by the House over the summer, according to a statement.
The draft bill grants the CFTC authority to regulate the spot trading of digital commodities that are not classified as securities. It would also empower the agency to register and supervise crypto trading platforms, enforcing rules related to custody, transparency, audits, and cybersecurity.
“The CFTC is the right agency to regulate spot digital commodity trading,” stated Boozman. “It is essential to establish clear rules for the emerging crypto market while also protecting consumers.”
🚨SENATE RELEASES CRYPTO BILL DRAFT – THIS IS MASSIVE FOR BITCOIN🚨
The Senate Agriculture Committee just dropped a massive crypto market structure bill…
…and buried inside it is the most pro-Bitcoin federal language we’ve ever seen.
Nobody’s talking about it yet. But you… pic.twitter.com/4uybTvbaCJ
— Adam Livingston (@AdamBLiv) November 10, 2025
Boozman Expresses Concerns Over CFTC's Resource Limitations
Senator Boozman also voiced concerns regarding the CFTC's limited resources and the current composition of its bipartisan commissioners. Currently, the CFTC has 543 full-time staff, a significantly smaller number compared to the 4,200 staff at the Securities and Exchange Commission (SEC).
CFTC Acting Chair Caroline Pham is presently the sole commissioner at the CFTC, with four other seats remaining vacant. Former President Trump had nominated SEC crypto task force counsel Mike Selig to fill one of these positions.
“As Congress works to expand authority for the commission to oversee the trading of digital assets that are commodities, it’s essential that we also ensure it has the tools, personnel and resources necessary to carry out this new mission, along with its current responsibilities,” Boozman emphasized.
Draft Legislation Establishes Regulatory Boundaries
The draft bill clearly outlines the boundaries between the CFTC and the SEC in their oversight of the crypto market.
The draft also defines terms such as "blockchain" and clarifies how these concepts will apply under the Commodity Exchange Act. It directs the CFTC to engage in joint rulemaking with the SEC to address various aspects of the digital asset industry, including portfolio margining of securities and the oversight of intermediaries.
This draft legislation follows recent actions by both the SEC and CFTC to implement recommendations from a White House working group focused on improving the regulation of the digital asset industry.
“More Americans are engaging with novel financial markets and payment systems than ever before, and Congress must take steps to strengthen and expand regulatory frameworks to protect consumers from predatory practices, keep our markets safe, and prevent bad actors from exploiting regulatory gaps,” stated Booker.
Unresolved Issues and Potential Roadblocks
Several sections of the draft legislation are still pending finalization and require further negotiation. Another potential obstacle involves calls from Democratic Senators to address potential conflicts of interest related to former President Donald Trump.
In July, Bloomberg estimated that the Trump family had profited approximately $620 million from their crypto ventures, which include the decentralized finance (DeFi) platform World Liberty Financial.
Booker expressed particular concern about regulatory arbitrage and "the ongoing corruption of public officials and whether Congress has created the correct guardrails to prevent those misdeeds."