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119-s-4064119th CongressWALLET

Digital Commodity Intermediaries Act

Sponsored By: Senator Boozman, John [R-AR]

In Committee

Summary

Brings spot digital-asset trading and intermediaries under CFTC oversight. This bill would create new definitions for digital assets and require exchanges, brokers, dealers, and custodians to register with the Commodity Futures Trading Commission and follow new customer‑protection, custody, and market‑integrity rules.

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Bill Overview

Analyzed Economic Effects

9 provisions identified: 4 benefits, 0 costs, 5 mixed.

Stronger custody and bankruptcy protections

If enacted, customer digital assets held by an exchange would be treated as customer property in bankruptcy. The bill would require qualified custodians and separate accounting for customer assets, generally bar commingling, and prohibit exchanges or custodians from using customer assets without written customer permission. Exchanges would also be required to hold enough financial resources to meet obligations to customers.

CFTC fees and startup funding

If enacted, the CFTC would be allowed to charge initial and annual registration fees to digital commodity exchanges, brokers, dealers, and qualified custodians. The bill would authorize $150,000,000 in appropriations until the CFTC begins collecting fees. The CFTC would set fee rates to recover its annual appropriation. The Commission would also get faster hiring authority for specialized staff to oversee digital commodity markets.

Office to help retail crypto customers

If enacted, the CFTC would create an Office of the Digital Commodity Retail Advocate to help retail customers with complaints, research retail impacts, and publish reports. The Advocate must appoint an Ombudsman within 180 days and send regular reports to Congress.

Stronger anti‑fraud and disclosure rules

If enacted, the Commodity Exchange Act's anti‑fraud and anti‑manipulation rules would apply to digital commodity spot trades. Registered brokers and dealers would be banned from fraudulent or deceptive conduct. Starting 30 days after enactment, unregistered platforms that act like exchanges or brokers would have to disclose prominently that they are not CFTC‑registered.

Exchange listings, surveillance, and safety

If enacted, exchanges would have to follow new listing and certification steps before listing digital commodities. Exchanges would run market surveillance, keep multi‑year audit trails, keep secure, tested systems and backups, and share records with U.S. and appropriate foreign authorities under confidentiality rules. Exchanges and affiliates would be barred from proprietary trading, and the CFTC could block tokens that it finds readily susceptible to manipulation.

Faster registration and provisional rules

If enacted, the CFTC would have to adopt an expedited registration process within 180 days. After that process is adopted, digital commodity exchanges, brokers, and dealers generally could not operate after 90 days unless registered or exempt. Firms that register early could operate as provisional registrants and would remain subject to many rules and fees during the provisional period.

Jurisdiction, margining, and stablecoin rules

If enacted, the bill would give the CFTC exclusive jurisdiction over many digital commodity sales on registered platforms starting about 17 months after enactment, while excluding some bank custody activities and securities sales. The bill would also extend portfolio margining and cleared‑swap account treatment to digital commodities. The CFTC's jurisdiction over permitted payment stablecoin spot trades would be limited to trades on registered entities.

New conduct, capital, and reports rules

If enacted, registered digital commodity brokers and dealers would face new business conduct rules, written conflicts policies, and a required chief compliance officer. Firms would need robust recordkeeping and must file transaction and financial reports open to CFTC inspection. The CFTC would set minimum capital rules firms must meet.

Developer and infrastructure carve‑out

If enacted, many software developers and infrastructure providers (nodes, oracles, UIs, wallets, and similar) would not be treated as exchanges, brokers, or dealers just for building or running blockchain or DeFi tooling. The carve‑out would not stop the CFTC from enforcing anti‑fraud and anti‑manipulation rules.

Sponsors & CoSponsors

Sponsor

Boozman, John [R-AR]

AR • R

Cosponsors

  • Sen. Sullivan, Dan [R-AK]

    AK • R

    Sponsored 3/12/2026

  • Sen. Tuberville, Tommy [R-AL]

    AL • R

    Sponsored 3/12/2026

  • Sen. Justice, James C. [R-WV]

    WV • R

    Sponsored 3/17/2026

  • Sen. Husted, Jon [R-OH]

    OH • R

    Sponsored 3/23/2026

  • Sen. Moreno, Bernie [R-OH]

    OH • R

    Sponsored 3/23/2026

  • Sen. McCormick, David [R-PA]

    PA • R

    Sponsored 3/26/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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