PANews reported on November 11th that, according to The Block, the U.S. Senate Agriculture Committee released a draft bill to regulate the cryptocurrency industry, granting the CFTC new powers. This follows the House of Representatives' passage of the Digital Asset Market Transparency Act in July, after which the Senate began drafting its own related legislation. The draft bill, proposed by the Republican-led Senate Banking Committee, aims to delineate the jurisdictions of the SEC and CFTC and introduces the new concept of "auxiliary assets" to clarify which cryptocurrencies do not fall under the category of securities. Given the Senate Agriculture Committee's jurisdiction over the CFTC, its draft bill is particularly crucial. This 155-page draft defines digital goods and establishes the CFTC's regulatory framework.

Cory Booker, the drafter of the bill, stated that more work is needed, particularly regarding concerns about insufficient CFTC resources and the potential for regulatory arbitrage due to issues with bipartisan commissioners. He also raised concerns about public corruption and the adequacy of regulatory measures. The Agriculture Committee draft provides the CFTC with a new source of funding, stipulating that the CFTC should charge unspecified crypto entities. Parentheses in the draft reflect "outstanding issues" that still require negotiation between the two sides. Furthermore, Democrats face obstacles from Trump's concerns about conflicts of interest in crypto businesses; the Agriculture Committee draft already includes provisions addressing such conflicts of interest.