What Happened
CFTC Chair Rostin Behnam said the long-anticipated U.S. crypto market structure bill is nearly ready to be sent to President Donald Trump for approval. The remarks indicate lawmakers from both parties have coalesced around draft language aimed at providing regulatory clarity for digital assets.
Behnam made the comments in a public forum, emphasizing that negotiators are close to resolving key jurisdictional questions. The goal is to define how agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission will oversee various segments of the crypto markets once the bill reaches the White House.
The bill has been under discussion for over a year, with lawmakers seeking to balance investor protection, market integrity, and innovation. Earlier versions faced pushback from both industry groups and regulatory bodies over the scope of authority and how digital assets should be classified.
Why It Matters
If completed and signed into law, the crypto market structure bill could be one of the most significant regulatory achievements for the sector in U.S. history. It would establish clearer rules for exchanges, trading platforms, derivatives, and custody services areas that have lacked consistent legal guidance.
Clear market structure rules are expected to reduce legal uncertainty that has plagued institutional participation. Many firms have held back on expanding services in the United States due to the absence of definitive regulatory guardrails. A completed bill could unlock more institutional capital by giving firms a clearer framework for compliance.
The looming legislative action also comes at a time when other countries are advancing digital asset laws, creating competitive implications for U.S. leadership in crypto markets. Passage of the bill could signal a shift toward comprehensive oversight, potentially encouraging innovation while protecting investors.
However, observers note that final language and implementation details will matter greatly. How agencies interpret and enforce the law could shape the future landscape of digital asset regulation, including which products fall under which authority.
