Senate Crypto Regulation Proposal Fails to Advance with 49-50 Vote

The latest version of H.R. 3633, a bill to regulate digital assets, has been proposed in the Senate. Under this proposal, most crypto assets would be defined as digital commodities and the Commodity Futures Trading Commission (CFTC) would become the primary regulator.

This development follows a procedural vote on September 15, where the measure failed to advance to floor debate by a 49-50 vote. The opposition included Republican Sens. Susan Collins (Maine), Josh Hawley (Mo.), and Jerry Moran (Kan.) joining Democrats in opposing the bill.

The CFTC's role as primary regulator would be significant, but it's not without precedent. Other countries have designated similar regulatory bodies for crypto assets.