Crypto Gets Its First Big Rulebook in Decades

The U. S. Senate has taken a major step in regulating cryptocurrencies. A new draft bill aims to bring clarity to the crypto market. It gives the Commodity Futures Trading Commission (CFTC) more power. This is a big deal because it's the first time the U. S. is trying to clearly define who oversees what in the crypto world. The bill classifies big cryptocurrencies like Bitcoin and Ethereum as digital commodities. This means the CFTC will supervise them. Crypto exchanges will have to separate their trading, custody, and brokerage functions. This is similar to old banking rules from the Glass-Steagall era. The bill also wants to prevent market manipulation. It tells exchanges to only list tokens that are hard to manipulate. This could help stop scams like rug pulls and wash trading. The bill has support from both Democrats and Republicans. Even the White House is backing it. Banking bigwigs like Brian Moynihan from Bank of America think clear rules will bring more banks into the crypto space. But this is just a draft. The Senate Agriculture Committee's text will merge with another draft from the Senate Banking Committee. Together, they will form a bigger bill. This bill could shape how crypto interacts with U. S. financial markets for years. Critics say the bill is a good start but needs more work. Some worry it might not go far enough in protecting consumers. Others think it could stifle innovation. But one thing is clear: the U. S. is finally trying to bring crypto into the regulatory fold.