A bipartisan group of US senators has introduced long-awaited legislation aimed at defining how cryptocurrency markets should be regulated, a move that could reshape global crypto oversight just as Europe presses ahead with the digital euro and MiCA implementation.
The bill, unveiled on Tuesday, seeks to draw clearer boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission, assigning the CFTC a central role in overseeing most crypto spot markets. Lawmakers argue that years of regulatory uncertainty have pushed innovation offshore and left firms navigating conflicting enforcement actions.
According to Reuters, the proposal is the product of extended negotiations in the United States Senate and reflects growing political momentum in Washington to put crypto markets on a statutory footing rather than relying primarily on court cases and agency guidance. Stablecoins and trading platforms are a key focus, underlining the US shift toward treating parts of the crypto sector as financial market infrastructure rather than a niche technology issue.
For Europe, the timing is notable. While the US is still debating which regulator should police crypto markets, the EU has already adopted the Markets in Crypto-Assets regulation and is moving deeper into legislative negotiations on the digital euro. The contrast highlights two different regulatory philosophies: incremental clarification through sector-specific laws in the US versus a comprehensive, centralised framework in the EU.
This divergence matters for global firms and policymakers alike. Different approaches to stablecoins, custody, and market supervision raise the risk of regulatory arbitrage and could complicate cross-border operations. At the same time, Washington’s renewed focus on payment-like crypto assets reinforces the strategic logic behind a publicly issued digital euro, designed to anchor monetary sovereignty as private digital money expands.
The US bill still faces a complex legislative path, and its final shape remains uncertain. But its introduction signals that crypto regulation is no longer a marginal issue in Washington, just as Europe prepares for decisive choices on digital public money.