Senate Amends Crypto Regulation Bill to Prioritize CFTC Oversight

A revised version of H.R. 3633, a bill aimed at regulating digital assets, has been amended by the Senate to establish a comprehensive framework for crypto governance.

The amendment would define most cryptocurrencies as digital commodities and designate the Commodity Futures Trading Commission (CFTC) as the primary regulator.

The CFTC would gain oversight of digital commodity spot markets, including trades involving Bitcoin and Ether, as well as regulate exchanges, brokers, and dealers that facilitate transactions.

The Securities and Exchange Commission would continue to regulate investment contract offerings involving digital assets.