Major Shift in US Cryptocurrency Regulation: The Agriculture Committee Releases Key Bill Text Today, CFTC Power Struggle Heats Up

The U.S. Senate Agriculture Committee is expected to release the latest draft of the Cryptocurrency Market Structure Act before the end of today. The release of this draft is highly significant, marking a profound shift in the U.S. cryptocurrency regulatory landscape—from the long-standing “securitization” oversight led by the SEC to a “commoditization” approach led by the CFTC. Meanwhile, industry leaders are attending the annual forum in Davos, Switzerland, preparing for next week’s Senate Agriculture Committee hearing.

Power Struggle in U.S. Cryptocurrency Regulation

In recent years, the U.S. crypto industry has been caught in a “double-headed snake” regulatory dilemma. This chaos stems from fundamental disagreements between two federal agencies over the nature of crypto assets.

According to the latest reports, the SEC insists that most crypto assets other than Bitcoin are considered “securities” and should be regulated under the Howey Test from 70 years ago. This has led to frequent lawsuits involving industry giants like Coinbase and Ripple, and has caused many innovative projects to hesitate to enter the U.S. market.

In contrast, the CFTC argues that mainstream cryptocurrencies like Bitcoin and Ethereum are more akin to commodities such as gold or oil and should be regulated by a specialized Commodity Futures Trading Commission. This divergence has created a regulatory vacuum, leaving the entire industry in a state of long-term uncertainty.

Key Significance of the Draft Legislation

The upcoming draft (referred to in the industry as the “Holy Grail of Crypto Regulation,” the Cryptocurrency Market Structure Act, or CLARITY Act) has core value in:

• Clarifying the classification standards for crypto assets, ending the endless “securities vs. commodities” debate
• Providing a concrete policy framework for the Senate hearing on January 27 next week
• Giving market participants a clear regulatory expectation
• Potentially accelerating the process of signing the crypto legislation promised by the Trump administration

This is not just a technical document but also a redefinition of the U.S. policymakers’ vision for the regulatory framework of cryptocurrencies over the next decade.

Key Timeline for the Market

Summary

The release of this draft marks a critical moment in the transition of U.S. crypto regulation from chaos to clarity. Regardless of the specific provisions, this directional shift itself signifies a gradual reduction in industry uncertainty. Next week’s hearing will serve as a window into policymakers’ true intentions and will directly influence global crypto market expectations regarding U.S. regulation prospects.