US Senate Cryptocurrency Bill Draft Released: CFTC Power Expansion, "Auxiliary Assets" Definition Sparks Debate?⚖️ #监管 #CFTC #SEC #加密立法

On November 10, 2025, the US Senate Agriculture Committee released a 155-page draft of a cryptocurrency industry regulatory bill aimed at granting the Commodity Futures Trading Commission (CFTC) new regulatory powers. The core of the issue is that this draft not only defines "digital commodities" and establishes a regulatory framework for the CFTC but also introduces the new concept of "auxiliary assets," attempting to clarify which cryptocurrencies do not fall under the category of securities. This move follows the House of Representatives' passage of the Digital Asset Market Transparency Act, indicating that the US Congress is accelerating the cryptocurrency legislative process. Interpretations suggest that the draft aims to address the long-standing regulatory "gray areas" troubling the cryptocurrency industry, particularly the jurisdictional disputes between the Securities and Exchange Commission (SEC) and the CFTC. By defining "auxiliary assets," lawmakers seek to provide clearer guidance to the market, distinguishing which crypto assets should be regulated under SEC securities laws and which should fall under CFTC commodity laws. However, the news also points out that "key issues remain unresolved," indicating that the specific definition standards for "auxiliary assets," how to delineate them, and their applicability in practice may still provoke intense discussions and legal challenges. Regarding potential impacts, if this draft is ultimately passed and becomes law, it will have far-reaching effects on the cryptocurrency market in the US and globally. It may provide clearer legal bases for the issuance, trading, and regulation of digital assets, thereby attracting more traditional financial institutions and large enterprises into the field. Additionally, it will reshape the power dynamics between the SEC and CFTC in the cryptocurrency space and may impose new compliance requirements on existing crypto projects. Market participants need to closely monitor the final version of the legislation and assess its implications for the classification and regulation of different types of crypto assets, which is crucial for the healthy development of the future crypto economy.