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119-s-1223119th CongressWALLET

Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act

Sponsored By: Senator Tuberville, Tommy [R-AL]

Introduced

Summary

Blocks foreign-adversary-controlled crypto platforms from registering. This bill would add a new paragraph to the Commodity Exchange Act that bars registration of U.S. digital commodity platforms owned by entities tied to specified foreign adversary countries and requires the Commission to revoke registration if such an entity acquires ownership.

Show full summary
  • Digital commodity platforms: Platforms partly or wholly owned by a "covered entity" would be barred from registering with the Commodity Futures Trading Commission and would have registrations revoked if a covered entity later acquires ownership.
  • Covered entities: Entities established under the laws of, or with a principal place of business in, designated foreign adversary countries would be treated as covered entities. The list includes the People’s Republic of China (including Hong Kong and Macao), Cuba, Iran, North Korea, Russia, and Venezuela under Nicolás Maduro.
  • Scope and definitions: The bill defines "digital commodity" to include cryptocurrencies but exclude securities and a U.S.-backed digital currency. It also defines digital commodity brokers, custodians, dealers, and trading facilities and excludes entities that only validate transactions.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Ban foreign-adversary crypto platforms

If enacted, the bill would bar the CFTC from registering digital-commodity platforms owned in whole or part by a covered entity. A "covered entity" would be a firm based in listed foreign adversary countries (China, including Hong Kong and Macao; Cuba; Iran; North Korea; Russia; and Venezuela under Maduro) and their subsidiaries. The bill would define key terms like "digital commodity" (including cryptocurrency), brokers, custodians, dealers, trading facilities, and trades. If a covered entity later acquires any ownership stake in a registered platform, the CFTC would have to revoke that platform's registration. These rules would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Tuberville, Tommy [R-AL]

AL • R

Cosponsors

  • Sen. Hyde-Smith, Cindy [R-MS]

    MS • R

    Sponsored 4/1/2025

  • Sen. Justice, James C. [R-WV]

    WV • R

    Sponsored 4/1/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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