The Bipartisan Gambit That Could Reshape Crypto Regulation

By Mark Gough

For nearly a decade, the U.S.’ approach to crypto regulation has been stuck in a kind of legislative purgatory — unpredictable, fragmented and riddled with turf wars between federal agencies. 

It’s an environment that has scared off crypto startups and developers.

But on Nov. 10, 2025, something changed. 

The Senate Agriculture Committee released a bipartisan discussion draft that may finally deliver the regulatory clarity. Something that crypto entrepreneurs, institutional investors and market builders have been waiting for.

Jointly authored by Sen. John Boozman (R-AR) and Sen. Cory Booker (D-NJ), the proposal is the closest thing to genuine bipartisan consensus the U.S. has seen on digital-asset policy. 

After months of negotiations — including one near-collapse in October — both sides have aligned around a framework that could realistically pass before mid-2026.

Whether it becomes law depends on the next several months. But make no mistake, this is one of the most consequential regulatory developments in U.S. crypto history.

How We Got Here: The Long Road to Compromise

Back in July 2025, the House passed the Digital Asset Market Clarity Act — known simply as theCLARITY Act.

This was a Republican-led bill that shifts primary crypto oversight responsibilities to the Commodity Futures Trading Commission (CFTC). 

It was well-received by the industry. But the Senate was always going to be the real challenge.

That’s because the House bill was fast, assertive and heavily industry-friendly. The Senate bill is slower, more deliberative and designed to preempt the key concerns raised by moderate Democrats. 

These included funding questions, regulatory loopholes, DeFi overreach and consumer protection.

As such, the Senate draft builds on the House’s but goes much deeper into the policy specifics. 

On Nov. 10, the committee released the framework, designed to be acceptable to pro-innovation Republicans and consumer-focused Democrats alike.

This version still contains bracketed sections, areas where negotiators have not yet reached agreement. But the core framework is now established … and ready for review.

Inside the Boozman-Booker Draft: What the Bill Actually Does

There are five central pillars of the Senate draft. Each one aims to establish clear rules for crypto and establish a path for regulatory oversight.

1. A Legal Definition for “Digital Commodities.” 

For the first time at the federal level, the bill provides a clear definition on what counts as a digital commodity. That is …

A fungible asset that can be transferred peer-to-peer without the reliance on an intermediary and is recorded on a public, cryptographically secured distributed ledger. 

This definition notably excludes:

• Securities

• Payment stablecoins

• Bank deposits

• Funds

• Conventional commodities and derivatives

This exclusion-based approach avoids unclear, broad brushstrokes. And it affirms what many in the industry have been arguing since 2017: That many cryptocurrencies fall under commodity, not securities law.

2. CFTC as the Primary Regulator of Digital Commodity Markets

This is one of the draft’s most significant structural shifts. Historically, the CFTC has overseen futures and derivatives, not spot markets.

But under the new bill, the CFTC would directly regulate:

• Digital commodity exchanges

• Brokers and dealers

• Trading facilities

• Custodial practices

• Market integrity rules

It gives the industry a single, clear federal regulator. And that’s much easier for crypto firms to deal with than today’s chaotic patchwork of SEC enforcement actions, state-level licensing regimes and uncertain jurisdictional boundaries.

3. Stronger Consumer Protections

To prevent a repeat of 2022-style failures, the draft incorporates a handful of consumer protection guardrails. Many mirror traditional market safeguards, such as:

• Mandatory segregation of customer assets

• Prohibitions on commingling user funds with corporate reserves

• Conflicts-of-interest rules

• Required customer disclosures

• Restrictions on affiliated-entity trading

These rules will significantly raise standards across U.S. crypto exchanges.

4. Dedicated Funding for the CFTC

This pillar is a critical component of the Senate draft. And it’s also one that’s been frequently overlooked. It is the draft’s funding mechanism.

The CFTC has repeatedly warned Congress that it lacks the staff and infrastructure to regulate crypto effectively. 

• The bill solves the problem by creating a fee-based funding stream, paid by digital-commodity intermediaries.

This ensures the agency can build out crypto-focused enforcement teams, technologists and supervisory infrastructure without raiding its existing budget.

5. Coordinated Oversight with the SEC

With the CFTC being an unorthodox regulatory body for a spot market, additional coordinated efforts were needed to soothe some of Washington’s more hawkish legislators. 

This compromise ensures that, while the CFTC gets primary jurisdiction, the SEC will still have an eye on things, as well. 

The bill also requires the avoidance of regulatory arbitrage and that there is clarity for any products that cross the commodity-security boundary. 

Can This Actually Pass in Time?

Momentum is real. But so are the hurdles.

Just yesterday, Senate Banking Chair Tim Scott (R- SC) said he aims to push committee markups by the end of the year and move a unified bill to the Senate floor in early 2026. 

That would set up potential passage before the middle of next year.

That’s an ambitious goal. If we break it down, here is what a plausible legislative arc would look like:

• December 2025 — two committees (Banking and Agriculture) hold markups

• January–February 2026 — the Agriculture and Banking drafts will be merged

• March 2026 — Senate floor vote

• Spring 2026 — House votes on the Senate version

• Late Spring/Early Summer 2026 — President Trump signs the bill into law

Of course, that’s a perfect outlook. And it doesn’t take into account the tight calendars, appropriations negotiations and unresolved policy brackets Congress will face. 

But two political factors are at work that could keep this timeline intact. 

First is the fact that pro-crypto regulations have been a core part of President Trump’s administrative goals since the campaign trail. 

Second is the fact that Republicans control both chambers of Congress and there is enough Democratic support to prevent a filibuster. This outlook makes me believe that if anything in crypto is going to pass, this is the moment.

Why This Matters So Much

If enacted, the Boozman-Booker bill would deliver something the industry has spent ten years demanding: regulatory certainty.

For the first time centralized exchanges would know who their primary regulator is, and what the rules are. 

Developers would know where their assets fall legally and they could make decisions from there. 

Institutions would be able to safely enter the broader crypto market, armed with a clear rule book. 

And, most importantly, U.S. crypto innovation would no longer be stuck at a competitive disadvantage compared to more crypto-tolerate countries.

If passed, Boozman-Booker draft would bring legitimacy and clarity to the markets in a way that could change everything. 

You may think 2025 was the year of institutional interest in crypto. But if this bill becomes law, then the best is still to come. 

Of course, not everyone is cheering. 

Some critics argue that handing spot oversight to the CFTC instead of applying securities-law principles may weaken investor protections. And until the DeFi language is finalized, major open questions remain.

Bottom Line

After years of regulatory gridlock, Washington is closer than ever to passing a comprehensive, bipartisan crypto market-structure law.

If the next sixty days go well, America could finally have regulatory clarity by mid-2026.

And that would mark a defining moment not just for the crypto industry, but also for the future of U.S. financial innovation.

Which is why I hope you’ll follow this bill’s progress alongside me. The outcome may just impact the very crypto opportunities you’ll read about in my future Weiss Crypto Daily updates.

Best,

Mark Gough

P.S. I’m not just speculating that regulatory clarity acts as a boon for a market. We’ve already seen something similar happen in the private equities space. 

The Jumpstart Our Business Startups — JOBS — Act has opened the doors to this market that was once reserved for the ultra-wealthy and well-connected. 

And at next week’s Private Deal Briefing, startup investing specialist Chris Graebe will share examples of pre-IPO investors who made returns that were dozens or even hundreds of times greater than regular stock investors.

Even better? In the Briefing, Chris will give you the details on a NEW deal that’s opening to Weiss Members in a matter of days.

It’s free to attend. Just be sure to click here and save your seat ahead of time.