New Senate Crypto Market Structure Draft Sharpens U.S.
Regulatory Direction
On November 11, 2025, Senate Agriculture Committee released a
new bipartisan discussion draft proposing anticipated changes to
the regulation of U.S. digital asset markets. The bill builds on
previous efforts—particularly the House's CLARITY Act
(for more information read our summary and analysis on the CLARITY
Act here) — and further
reflects the US lawmakers' emerging consensus: the U.S. needs
bespoke rules for crypto market structure and asset
classification.
Key Takeaways
Like the CLARITY Act, the Senate draft aims to codify how
digital assets are classified and overseen. The bill grants the
CFTC exclusive jurisdiction over digital commodities and spot
markets, while reaffirming the SEC's jurisdiction over digital
asset securities.
