Congress races to finalize US crypto market rules as Trump-backed bill nears passage, splitting SEC–CFTC powers and setting deadlines on exchanges and stablecoins.
Summary
- Trump says crypto market structure bill S. 3755/H.R. 3633 could pass soon, cementing a split between SEC and CFTC oversight with a 180-day exchange registration window.
- Senate Agriculture and Banking Committees must reconcile their drafts before a Feb. 28 White House stablecoin framework deadline, after a narrow 12–11 committee vote.
- The bill would give CFTC primacy over Bitcoin and Ethereum, mandate joint CFTC–SEC rulemaking within 18 months, and comes amid calls to probe Trump-linked token WLFI.
President Donald Trump confirmed that comprehensive cryptocurrency market structure legislation is approaching passage, according to recent statements from the administration.
The legislation, identified as S. 3755/H.R. 3633, would formally divide regulatory oversight between the Securities and Exchange Commission for securities and the Commodity Futures Trading Commission for commodities. The framework includes provisions for provisional registration of exchanges within 180 days of enactment.
The House of Representatives passed the Digital Asset Market Clarity Act in July, establishing a framework that splits oversight responsibilities between the CFTC and SEC. The Senate has presented the primary obstacle to advancement.
In late January, the Senate Agriculture Committee advanced the Digital Commodity Intermediaries Act by a vote of 12 to 11, according to committee records.
Industry participants, including cryptocurrency exchange Coinbase, have criticized earlier versions of the legislation, stating the drafts imposed excessive restrictions on decentralized finance protocols and stablecoin regulations.
CFTC launches CEO Innovation Council for crypto oversightUnder the proposed framework, the CFTC would assume primary regulatory authority over digital commodities including Bitcoin and Ethereum. The legislation provides brokers and exchanges a 180-day registration window to obtain provisional status following enactment.
CFTC Chairman Michael Selig has indicated the bill could reach the President’s desk within months, according to public statements. The framework would require joint SEC and CFTC rulemaking within 18 months to address complex areas including mixed transactions and margin structures.
The Senate Banking Committee must reconcile its version with the Agriculture Committee’s draft before the February 28 White House deadline for stablecoin frameworks, according to congressional schedules.
Congressional leaders continue to call for investigations into Trump-linked cryptocurrency ventures, including WLFI, according to statements from members of Congress.
