Coinbase Global Inc (NASDAQ:COIN) shares are moving higher on Tuesday. The Senate has unveiled new draft legislation that would create a comprehensive regulatory framework for cryptocurrency in the United States.
The Senators revealed draft legislation late Monday that would clarify financial regulators’ jurisdiction over the cryptocurrency sector, potentially boosting digital asset adoption if signed into law, Reuters reported.
How New Legislation Could Transform Crypto Markets
The news comes a day after the Senate Agriculture Committee pushed back the markup of its version of a major crypto market‑structure bill to the end of January.
Senator John Boozman (R‑AR) said the committee postponed the markup to allow more time for bipartisan negotiations. He emphasized that meaningful progress has been made and that the committee still intends to move the bill forward later this month.
Are We Finally Seeing Bipartisan Support For Crypto?
The crypto industry has been asking for this kind of legislation for a while. Without clear rules, companies say it's hard to know what the future of digital assets in the U.S. will look like. They argue that a real regulatory framework is needed to finally fix the long‑standing issues they've been dealing with.
The draft bill aims to do that by spelling out how different crypto tokens should be classified, whether they're treated as securities, commodities or something else. The bill would also give the Commodity Futures Trading Commission (CFTC) oversight of spot crypto markets.
The House passed its version of the bill back in July, but talks in the Senate stalled last year over disagreements about anti‑money‑laundering rules and how to handle decentralized finance platforms.
COIN Price Action: Coinbase shares were up 3.05% at $250.40 at the time of publication on Tuesday, according to Benzinga Pro.
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