The US Senate has proposed a bill to create a joint regulatory framework for digital assets aimed at resolving jurisdictional disputes between the SEC and CFTC.
Establishment of SEC and CFTC Joint Committee
The Senate released a draft bill proposing the establishment of a joint committee responsible for digital asset regulation by the SEC and CFTC. Key senators, including Tim Scott and Cynthia Lummis, are actively supporting this initiative, aiming for public consultations to conclude by August 5, 2025.
Potential Impact on Crypto Markets
This bill may significantly influence trading rules and developer protections for crypto projects. Key digital assets such as ETH, BTC, and NFTs may come under new oversight, altering their overall classification and regulation in the market.
Lessons from the 2025 CLARITY Act
The proposed joint committee reflects previous initiatives like the 2025 CLARITY Act, which aimed to balance SEC and CFTC roles. Amanda Tuminelli of the DeFi Education Fund emphasizes the importance of developer protections, stating, 'The new market structure draft from Senate Banking has the best developer protections language we have seen to date.'
The proposal for a joint regulatory framework will significantly impact the future of digital assets by offering clearer norms for their regulation and developer protections.
