SENATE AG RELEASES DRAFT OF CRYPTO MARKET STRUCTURE LEGISLATION

Summary from the TLDR Crypto newsletter

The Senate Agriculture Committee released a draft crypto market structure bill that defines CFTC oversight of spot markets, though bracketed sections show lawmakers haven't finalized key provisions, including DeFi developer protections and CFTC commissioner requirements. The legislation must be combined with the Senate Banking Committee's version before advancing, a process complicated by internal Republican disagreements and Senator Elizabeth Warren's objections over industry risks and Trump's crypto stake. The bill directs CFTC and SEC to jointly develop rules on portfolio margining and intermediary oversight while defining blockchain-related terms under the Commodity Exchange Act. Senate floor passage may slip to Q1 2026 despite Trump's original August deadline as committees work through amendments and stakeholder negotiations.