Senate Bill Pits CFTC Against SEC in Power Struggle Over Crypto Regulation

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A new Senate proposal has drawn a clear battle line in the debate over who should regulate cryptocurrency.

The bipartisan bill aims to install the Commodity Futures Trading Commission (CFTC) as the primary watchdog for digital commodities, a role largely held by the Securities and Exchange Commission (SEC).

The move is a direct legislative response to criticisms of the SEC’s “enforcement-first” strategy, with supporters arguing the CFTC is better suited to foster innovation while protecting consumers.

This comes as other key figures in the Biden administration, like Treasury Secretary Scott Bessent, are actively implementing pro-crypto policies.