U.S. Senate Nears Release of Updated Crypto Market Structure Bill to Clarify Digital Asset Rules

The U.S. Senate Agriculture Committee is preparing to unveil a new draft of the Crypto Market Structure Bill, a bipartisan effort aimed at providing long-awaited regulatory clarity for the digital asset industry. According to journalist Eleanor Terrett, the updated version could be released within days, though some insiders suggest it may arrive next week as final revisions continue.

The upcoming bill represents a significant step toward establishing a comprehensive framework for digital assets, defining clear boundaries between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Under the proposed structure, the CFTC will oversee digital commodities and spot markets, while the SEC will retain authority over securities-related assets.

A key feature of the bill is its new classification system for digital assets, distinguishing between digital commodities, investment contract assets, and permitted payment stablecoins. This framework aims to eliminate confusion over agency jurisdiction and create standardized compliance expectations for market participants.

Recent updates to the legislation also mark a shift toward more industry-friendly policies. In the September draft, the Senate committee clarified that staking, decentralized physical infrastructure networks (DePIN), and airdrops will not automatically be treated as securities. This change is viewed as a major win for blockchain developers and investors.

Momentum around the bill has strengthened as bipartisan negotiations resume, following last week’s industry roundtables involving executives from major crypto firms like Coinbase and Ripple. Both parties have shown renewed willingness to collaborate after months of partisan division, particularly over decentralized finance (DeFi) regulation.

Coinbase CEO Brian Armstrong expressed optimism that lawmakers are “90% aligned” on the bill’s framework and could finalize it by year’s end. If passed, the Crypto Market Structure Bill could provide the clarity needed to foster innovation while ensuring consumer and market protections.