The US government is taking steps to regulate the cryptocurrency market with comprehensive market structure legislation. This bill would clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. The proposed legislation aims to provide much-needed certainty and consumer protections for the growing crypto industry.
After passing the House, the Senate Banking and Agriculture Committees drafted their own market structure legislation, but negotiations broke down due to disagreements over ethics rules, CFTC independence, and consumer protections. Despite these challenges, there is ongoing support from the Administration and industry leaders for congressional action on this issue.