U.S. Senator John Boozman (R-AR) speaks on the day Brian Quintenz, U.S. President Donald Trump’s nominee to guide the Commodity Futures Buying and selling Fee (CFTC) testifies earlier than a Senate Agriculture, Diet and Forestry Committee affirmation listening to on Capitol Hill in Washington, D.C., U.S., June 10, 2025.
Annabelle Gordon | Reuters
The U.S. Senate Agriculture Committee voted alongside celebration traces Thursday to advance its model of a cryptocurrency market construction invoice to create CFTC regulatory authority over digital commodities, a significant growth for digital asset regulation.
The Digital Commodity Intermediaries Act superior on a celebration line-vote with 12 Republicans voting “sure” and 11 Democrats voting “no.” The vote is notable as a result of it marks the primary time a crypto market construction invoice has superior past a Senate committee. The Senate Banking Committee would additionally have to approve its model of a crypto market construction invoice earlier than the 2 measures might mix and advance to the total Senate.
Senate Agriculture Committee Chairman John Boozman, R-Ark., proceeded with the invoice after shedding bipartisan help for an earlier model. Boozman had labored with Sen. Cory Booker, D-N.J., on a draft invoice final yr, however Booker walked away from the model the committee voted on Thursday. Nevertheless, Sen. Kirsten Gillibrand, D-N.Y., mentioned in an interview with CNBC final week that she was “very optimistic” the Agriculture Committee would advance its measure.
The Senate Banking Committee’s consideration of its model of the invoice was postponed from Jan. 15 on the final minute after opposition from the crypto business, together with Coinbase. A brand new Banking date has not but been set. Boozman mentioned Thursday he appears ahead to working with the Banking Committee on points mentioned in his committee. These factors embody scams linked to crypto ATMs.
Boozman in a press release Thursday referred to as the vote “a essential step towards creating clear guidelines for digital asset markets.” He mentioned “there’s nonetheless extra work forward,” including that he’s “hopeful” the event “will construct momentum within the Senate to advance this laws.”
He mentioned the measure would set up a transparent authorized definition of digital commodities and would create a spot market digital commodity middleman regulatory regime with the CFTC. He mentioned the invoice additionally would create client protections, together with battle of curiosity safeguards and buyer disclosure necessities.
Boozman launched the current model Jan. 21 to provide the Commodity Futures Buying and selling Fee new authority to control digital property. The laws builds on the bipartisan CLARITY Act, the crypto market construction invoice the Home of Representatives handed final summer season, and incorporates provisions negotiated with Senate Democrats in addition to enter obtained throughout bipartisan conferences with stakeholders, in accordance with Boozman.
Throughout Thursday’s listening to, Booker famous that a bipartisan dialogue draft was launched in November and mentioned that when he got here again to Washington in January, he realized his “Republican colleagues have been strolling away from the bipartisan course of that produced the draft” and have been additionally “strolling away” from a number of the factors “that held our settlement collectively.”
Booker mentioned “the product put earlier than us right this moment will not be the bipartisan draft that now we have been engaged on.”
“It was negotiated with two events on the desk, however it is not in accord with the ideas we specified by November in a bipartisan approach,” he mentioned. “Nevertheless, regardless of this, I nonetheless deeply imagine within the work that we have accomplished. We have come so lengthy.”
Booker mentioned Democratic issues with the invoice embody the truth that President Donald Trump “is grifting on crypto himself,” which he referred to as “ridiculous.”
He mentioned “the president of america and his household have made billions of {dollars} off of this business and are nonetheless attempting to create a framework right here with out the form of ethics that might stop this type of gross corruption in our nation that might undermine our nation’s democracy.”
CNBC reached out to the White Home for remark associated to the issues from Democrats tied to the president’s crypto ventures, however didn’t instantly hear again. Nevertheless, in previous statements, a White Home spokesperson informed CNBC that “there aren’t any conflicts of curiosity.”
On Thursday, Democrats supplied amendments that might have included banning public officers –together with the president – from participating within the crypto business and addressing involvement in digital commodities from overseas adversaries. None have been accredited, with Boozman saying the problems are outdoors the Agriculture Committee’s jurisdiction.
