Senators Unveil Draft Crypto Bill Giving CFTC Oversight Power

Two US senators proposed a bipartisan bill to shift cryptocurrency oversight from the Securities and Exchange Commission to the Commodity Futures Trading Commission — a move long favored by the industry.

John Boozman, an Arkansas Republican who chairs the Senate Agriculture Committee, and Cory Booker, a New Jersey Democrat, disclosed the draft Monday. Their proposal would empower the CFTC to regulate market structure, classify most cryptocurrencies as digital commodities, require companies to register some of their actions, create new disclosure rules and assess new fees on some transactions.

The SEC and CFTC have both sought to set rules ...