The US Senate Agriculture Committee, led by Chairman John Boozman and Senator Cory Booker, has released a bipartisan discussion draft of the Market Structure Bill, aiming to establish a clear regulatory framework for digital assets. This legislation designates the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital commodities, which could resolve long-standing jurisdictional conflicts with the Securities and Exchange Commission (SEC).
Key provisions include a formal definition of digital commodities, extending regulatory clarity to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), and specifically addressing XRP by potentially classifying it as a commodity under CFTC oversight. This move aligns with a 2023 court ruling in Ripple's favor and could facilitate U.S. exchange listings and institutional adoption through products like spot XRP ETFs.
The bill also introduces protections for blockchain developers and infrastructure providers, ensuring they are not treated as money transmitters, and proposes a new Digital Commodity Retail Office within the CFTC to enhance market transparency and investor protection. Market context highlights XRP's recent $28.2 million in inflows amid broader outflows, and the anticipation of spot XRP ETFs, with five funds recently added to the DTCC's active roster.
Bipartisan negotiations are ongoing, with hopes for a markup later this year, signaling a significant step toward regulatory clarity that could attract institutional capital and align U.S. standards with global regulators.
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