A group of U.S. lawmakers from both parties has introduced new legislation aimed at establishing formal rules for how cryptocurrencies are classified and regulated in the United States, representing a renewed effort to address long-standing jurisdictional uncertainty across digital asset markets.
The bill sets out criteria for determining when digital tokens fall under securities regulation and when they qualify as commodities. The legislation would clarify how digital assets are classified under U.S. law and define regulatory responsibilities between federal agencies overseeing cryptocurrency markets, according to Reuters.
CFTC and SEC roles defined
Under the proposed framework, the Commodity Futures Trading Commission would assume primary responsibility for overseeing spot cryptocurrency markets, while the Securities and Exchange Commission would continue to regulate digital assets deemed to be securities.
Lawmakers said the approach is intended to establish clearer supervisory boundaries between federal agencies and reduce regulatory overlap.
Stablecoin rules included in draft
The legislation also incorporates provisions governing stablecoins, building on earlier congressional initiatives. These measures would restrict the payment of interest solely for holding stablecoins, while allowing incentives tied to consumer transactions or other usage-based programs.
Supporters of the bill say the framework seeks to balance financial stability considerations with the continued development of blockchain-based payment systems.
Committee review expected
The proposal is expected to be reviewed by relevant Senate committees, including Banking and Agriculture, as lawmakers consider potential revisions related to anti-money-laundering requirements and decentralized finance activity.
The bill’s introduction represents one of the most comprehensive recent efforts to define a federal market structure for cryptocurrencies, though its progress through Congress remains uncertain.
