Crypto Market Structure Bill Nears Release as Senate Committees Align

TLDR:

• Senate Agriculture Committee’s crypto bill could drop tomorrow, finalizing the commodities side of regulation.
• The draft expands CFTC oversight across spot markets and derivatives within the U.S. digital asset framework.
• Lawmakers are syncing efforts between the Agriculture and Banking Committees after months of stalled talks.
• The proposal aims to balance DeFi safeguards with innovation while clarifying digital commodity definitions.

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After weeks of silence, the Senate’s long-discussed crypto market structure bill is finally about to surface. Multiple Capitol Hill sources suggest the bipartisan draft from the Senate Agriculture Committee could drop as soon as October 31, 2025. 

The move follows renewed bipartisan talks within the Senate Banking Committee, which restarted after recent industry roundtables. Lawmakers are framing this as a coordination moment between both chambers after the House passed its version in July. 

The upcoming release marks a crucial turn in the ongoing effort to define digital asset regulation in the United States.

Crypto Market Structure Bill Nears Senate Release

According to crypto commentator MartyParty, the Agriculture Committee’s draft represents the commodities side of the broader Digital Asset Market Clarity Act. It has been under development for months, with both Democratic and Republican staff reportedly finalizing text details this week. 

Several aides suggested that last-minute edits could delay the release to early next week. However, the bill’s progress signals that negotiations have moved past the political standoff seen earlier this fall.

The draft focuses on areas falling under the Commodity Futures Trading Commission’s (CFTC) jurisdiction. These include classifying “digital commodities,” expanding CFTC powers over spot crypto markets, and strengthening anti-manipulation enforcement. 

Industry observers expect the bill to set clearer boundaries between the CFTC and the SEC, an issue that has caused years of uncertainty. The House’s version already established similar definitions, earning bipartisan backing during its July vote.

Lawmakers involved in the discussions have described the effort as a push to synchronize federal oversight of digital assets. They aim to give exchanges and stablecoin issuers a clearer legal framework while preserving space for decentralized finance projects. 

The release will also test how far Congress is willing to go in establishing new authority for the CFTC.

CFTC Oversight Expansion Targets Crypto Clarity

Sources familiar with the Senate draft said it seeks to formalize the CFTC’s authority over crypto spot trading and derivatives. 

The measure also introduces provisions for stablecoins and DeFi, with an emphasis on compliance tools to limit illicit finance. It is expected to direct the CFTC to develop new rules for risk management and transparency, reflecting lessons from previous market abuses.

This step could reshape how exchanges and intermediaries operate in U.S. markets. It also aligns with broader efforts by regulators to enhance consumer protection without blocking innovation. 

Staff close to the talks described the bill as a “bridge” between digital commodity oversight and broader digital asset legislation.

The Senate Banking Committee, meanwhile, continues to discuss complementary measures focusing on investor protection and stablecoin standards. Both committees are expected to coordinate once the Agriculture draft becomes public, potentially leading to a unified package before year-end.

If released this week, the draft would close a long chapter of delay and uncertainty. For now, the crypto industry waits to see how the proposed structure could finally bring some clarity to years of fragmented policy debates.

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