The US Senate Agriculture Committee released a discussion draft of crypto market structure laws, aiming to regulate the CFTC and SEC’s power over crypto. The bill is still being negotiated, with key terms like “blockchain” and “decentralized finance” up for debate.

The Agriculture Committee oversees the CFTC, while the Senate Banking Committee handles securities laws under the SEC. Progress is being made with the release of the draft bill, which aligns with the CLARITY Act passed by the House in July, giving the CFTC a central role in regulating crypto.

Crypto advocacy groups like the Crypto Council for Innovation and Coinbase’s Stand with Crypto support the draft bill, seeing it as a positive step towards establishing a regulatory framework for digital commodities in the US. They urge the Senate to pass the legislation quickly to provide clarity for the crypto industry.

Read more at Cointelegraph: Senate Ag Releases Crypto Market Structure Bill Draft