The U.S. Senate Banking Committee will vote on comprehensive cryptocurrency market structure legislation in December 2025, committee chairman Tim Scott said in a recent television interview on Fox News.
Summary
- The Senate Banking Committee will vote in December 2025 on a bill to regulate the crypto markets, classifying Bitcoin and Ether as commodities.
- The legislation resolves SEC/CFTC oversight conflicts and adds rules for the exchange of client funds, conflicts of interest and disclosures.
- Discussions between the two parties continue, with DeFi regulation a major point of contention; Trump expected to sign if confirmed.
The bill aims to establish a uniform regulatory framework for digital assets and would formally designate Bitcoin and Ether as digital commodities under the jurisdiction of the Commodity Futures Trading Commission, according to the draft text of the legislation. The designation would resolve a jurisdictional dispute between the Securities and Exchange Commission and the CFTC over the supervision of digital assets.
The proposed legislation includes requirements for cryptocurrency exchanges to segregate customer funds, implement conflict of interest controls, and provide enhanced disclosures. The provisions address the vulnerabilities exposed during the collapse of stock exchanges, including FTX, under the bill’s framework.
Scott declared he plans to bring the legislation to the full Senate in early 2026 if it passes the committee vote. President Donald Trump is expected to sign the bill into law, according to legislative forecasts.
Bipartisan negotiations continue
Bipartisan negotiations are still ongoing, with the regulation of decentralized finance platforms becoming a major point of contention. Democratic lawmakers have raised concerns about the money laundering risk and systemic vulnerabilities associated with DeFi protocols, according to sources familiar with the discussions.
The December vote represents a significant development in efforts to create federal oversight standards for the digital assets industry. The legislation comes amid growing markets for cryptocurrency exchange-traded funds and increased institutional adoption of digital assets.
