U.S. senators released draft legislation late on January 13, 2026, aiming to establish the first comprehensive federal regulatory framework for cryptocurrencies. The bill addresses long-standing industry demands for clarity on whether digital assets are securities or commodities, ending reliance on potentially reversible regulatory guidance.
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Building on the House’s passage of a similar version in July 2025, the Senate effort follows stalled 2025 talks over issues like anti-money-laundering rules and decentralized finance (DeFi) requirements. The proposal, released ahead of key committee markups, reflects heavy crypto industry lobbying during the 2024 elections and promises from pro-crypto figures, including President Trump’s pledges.
Senate Banking and Agriculture Committees are set to debate amendments starting January 16, with further discussions later in the month, though midterm election dynamics raise doubts about final passage.
Key Provisions and Regulatory Division Central to the bill is shifting primary oversight of spot crypto markets to the Commodity Futures Trading Commission (CFTC), the industry’s preferred regulator over the Securities and Exchange Commission (SEC). It defines token classifications to provide legal certainty for issuers and firms.
On stablecoins—following last year’s federal framework—the legislation prohibits crypto companies from paying interest solely for holding them, addressing banking sector fears of deposit flight and financial instability. However, it permits rewards or incentives tied to activities like payments or loyalty programs, with a joint SEC-CFTC rule mandated for transparent disclosures.
Industry leaders hail the move as “existential” for U.S. digital asset growth, while banks criticize potential loopholes. Amendments could alter details, but the bill signals a pivot toward innovation-friendly rules amid global competition. Skeptics note political hurdles, including Democratic concerns and election-year pressures, could stall progress into law.