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President pushes for fast-track crypto legislation
President Donald Trump has signaled that comprehensive crypto market legislation could reach his desk soon, accelerating momentum around a long-debated regulatory framework for digital assets. The measures under consideration — filed as S. 3755/H.R. 3633 — aim to split regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), introduce firm deadlines for exchange registration, and set a timeline for joint rulemaking on complex market issues.
Key provisions: CFTC primacy, registration windows, and rulemaking
The proposed framework would grant the CFTC primary oversight of digital commodities such as Bitcoin and Ethereum, while leaving securities oversight to the SEC. Exchanges and broker-dealers would have a 180-day window after enactment to apply for provisional registration, providing temporary market continuity while long-term rules are developed. Lawmakers also propose a mandatory 18-month period for the SEC and CFTC to issue coordinated rules covering mixed transactions, margin structures, and other cross-jurisdictional challenges.
Committees and deadlines
Two Senate panels — Agriculture and Banking — must reconcile competing draft bills before a looming White House deadline tied to a stablecoin policy framework on Feb. 28. The Agriculture Committee advanced its draft by a narrow 12–11 vote in late January, moving the Digital Commodity Intermediaries Act forward. The House previously passed the Digital Asset Market Clarity Act in July, leaving the Senate as the principal obstacle to final approval.
Industry response and regulatory concerns
Exchanges and industry stakeholders, including Coinbase, have criticized earlier drafts for imposing heavy restrictions on decentralized finance (DeFi) protocols and issuing stringent stablecoin requirements. Market participants warn that overly prescriptive rules could stifle innovation and limit liquidity on regulated venues. Proponents argue the framework delivers much-needed legal clarity for market structure, custody, and listing standards.
Political context and oversight questions
The bill arrives amid intensifying congressional scrutiny of crypto projects linked to political figures, including calls to investigate WLFI, a token with reported ties to President Trump. At the same time, the CFTC has announced initiatives like a CEO Innovation Council intended to advise on crypto market oversight and technology trends.
What’s next for markets and exchanges
If enacted, the legislation would provide exchanges with a provisional registration path and establish coordinated rulemaking between the SEC and CFTC to resolve jurisdictional gray areas. Traders, custodians, and stablecoin issuers should monitor the reconciliation process closely; deadlines and final drafting will determine operational requirements for compliance, reporting, and risk management across the U.S. crypto ecosystem.
As Washington races to finalize a U.S. crypto market structure, the outcome will shape regulation of stablecoins, exchange licensing, oversight of Bitcoin and Ethereum, and the future of DeFi in regulated markets.
Source: crypto
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