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The Senate Agriculture Committee is releasing its part of a major crypto bill today, ahead of a January 27 markup. The bill explains how the U.S. plans to divide crypto regulation between the CFTC and the SEC.
Under this proposal, the Commodity Futures Trading Commission (CFTC) would oversee most spot crypto markets. It classifies “digital commodities” as blockchain-based assets used for payments, governance, or network fees. These assets would not be treated as securities unless they are sold as investment contracts.
This gives crypto firms clearer rules and reduces SEC control over non-security tokens. The Senate Banking Committee has a different approach. Its draft gives the SEC more power by introducing “ancillary assets.” The SEC would decide case by case whether these assets are securities.
This approach creates less certainty and limits automatic CFTC authority, relying on coordination between committees to settle disputes. The Agriculture Committee’s bill also creates new CFTC registration categories for crypto exchanges, brokers, and dealers. The Banking Committee’s version does not create new CFTC roles and instead tries to fit crypto into existing securities laws.
The bill has bipartisan support. In July 2025, the House passed the CLARITY Act with backing from both parties. In the Senate, lawmakers from both sides continue talks. However, progress slowed after the Banking Committee delayed its January 15 markup. Coinbase later pulled its support over concerns about stablecoin yields and privacy. White House crypto advisor Patrick Witt warned that delays could lead to stricter rules later.
Industry reactions are mixed. Ripple CEO Brad Garlinghouse praised the bill as a positive step. SEC Chair Paul Atkins also supports bipartisan crypto legislation to provide long-term regulatory stability.
The Agriculture Committee will hold its markup on January 27 at 3:00 PM ET. Lawmakers may propose changes before voting to move the bill forward. Key sections on DeFi, developers, and anti-money laundering are still drafts, leaving room for changes.
Read more on InsideBitcoins.com
