As interest in digital asset regulation grows in the United States, lawmakers are trying to clarify how cryptocurrencies should be governed. The U.S. Senate is currently considering a new market structure bill that could determine how Bitcoin and other digital assets are overseen. The initiative, now before the Senate Banking Committee, reflects the increasing pressure from both the crypto industry and investors for clearer regulatory boundaries.
Senator John Kennedy (R-La.) addressed the issue on the Senate floor on October 16, emphasizing the need for balanced progress:
“I hope we can address this quickly, but I also hope we proceed carefully.”
Kennedy highlighted that one in five Americans now owns cryptocurrency, pointing to both the rapid adoption of digital assets and the confusion surrounding their regulation. He stated:
“The Senate Banking Committee is in the process of considering a market structure bill for digital assets, Bitcoin, and crypto — and this is important because there’s a lot of chaos out there.”
The senator noted that both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are seeking regulatory authority, creating a “legal tug-of-war” that Congress must resolve.
However, the SEC and CFTC recently announced that they have ended their long-standing jurisdictional dispute over digital asset regulation. Leaders of both agencies underscored their commitment to cooperation and regulatory alignment. Their goal is to establish a unified framework, reduce redundant rules, and provide clarity to market participants. This collaboration, highlighted in recent joint roundtable discussions, aims to foster innovation, ensure investor protection, and maintain America’s financial market leadership in the digital era.
Kennedy also stressed that the digital asset bill will require extensive debate, describing it as “one of the most complex pieces of legislation” he has ever seen. He explained that multiple sessions will be needed to fully assess its implications and ensure that the final framework provides certainty for the crypto sector.
While Kennedy’s comments reflected caution, his acknowledgment of crypto’s growing importance indicates that both parties recognize the need for the U.S. to modernize its financial rules to align with blockchain innovation.
