Boozman Leads Ag Committee in Advancing Crypto Market Structure Legislation

WASHINGTON-Under the leadership of U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman (R-AR), the committee advanced the Digital Commodity Intermediaries Act, legislation that would provide new authority to the Commodity Futures Trading Commission (CFTC) to regulate digital commodities and strengthen consumer protections for the emerging market.

"This is a critical step toward creating clear rules for digital asset markets. Advancing this bill brings us closer to a U.S. regulatory framework that protects consumers while allowing American innovation and businesses to thrive. There's still more work ahead, but I'm proud to lead this important effort and hopeful this will build momentum in the Senate to advance this legislation," Boozman said.

The committee-passed legislation builds on the bipartisan, House-passed CLARITY Act and incorporates provisions negotiated with Senate Democrats as well as input received during bipartisan meetings with stakeholders.

The Digital Commodity Intermediaries Act addresses key issues by developing a comprehensive framework that includes:

• A clear legal definition of digital commodities and the establishment of a spot market digital commodity intermediary regulatory regime with the CFTC;
• Robust consumer protections including customer fund segregation requirements, conflict of interest safeguards, and appropriate customer disclosure requirements;
• A trading registration regime designed to facilitate and onshore liquid and resilient regulated markets while protecting retail participants;
• Requirements for the CFTC and SEC to coordinate and collaborate on necessary inter-agency rulemakings;
• Robust protections for software developers and innovative technology; and
• A new funding stream for the CFTC to stand up a spot market regulatory regime.

Boozman has long championed a framework to safeguard consumers and markets and will continue working with colleagues and stakeholders as the Senate moves forward on crypto market structure legislation.

Click here for a section-by-section.

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