Digital Commodity Intermediaries Act
Sponsored By: Senator John Boozman
Introduced
Summary
CFTC-centered regulatory regime for digital commodities. This bill would create a Commodity Futures Trading Commission framework that defines digital assets and digital commodities and sets registration, listing, custody, and market-integrity rules for exchanges, brokers, dealers, and custodians.
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- Retail participants: Requires custody and segregation of customer assets, treats customer holdings as customer property in bankruptcy, and bars firms from using customer assets for blockchain services without explicit written consent.
- Exchanges and intermediaries: Would require registration and certification for digital commodity exchanges, brokers, and dealers, impose disclosure and listing standards, and give the Commission timelines and provisional-status rules for onboarding markets.
- Custodians and oversight: Creates a qualified digital asset custodian category with capital, anti-money-laundering, cybersecurity, and exam standards and establishes an Office of the Digital Commodity Retail Advocate and an ombudsman to assist retail customers.
*Requires a $150 million appropriation to implement the regime and authorizes registration fees that are deposited as offsetting collections to fund the Commission's oversight.*
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Bill Overview
Analyzed Economic Effects
12 provisions identified: 4 benefits, 0 costs, 8 mixed.
Initial $150M for CFTC setup
If enacted, the bill would authorize $150 million to help pay for CFTC implementation of the Act until registration fees start. The money would remain available until the Commission has established and begun collecting registration fees. This funding is meant to support hiring, rulemaking, and oversight activities.
CFTC jurisdiction and SEC coordination
If enacted, the bill would give the CFTC exclusive authority over contracts to buy or sell digital commodities when trading happens on registered venues or through registered entities, while excluding securities and certain bank custody activities. The CFTC and SEC would have to make joint rules to avoid duplicate requirements for dually regulated firms and to govern "mixed" digital assets that have both commodity and security features.
Anti-fraud and private lawsuits
If enacted, the bill would apply the Commodity Exchange Act's anti-fraud and anti-manipulation rules to digital-commodity trades on registered platforms. It would also let harmed parties bring private lawsuits for harms arising from digital commodity transactions under the same private-right statute that covers other commodities and swaps.
Customer custody, segregation, and bankruptcy
If enacted, the bill would require customer money and digital assets held on exchanges to be segregated and kept with qualified digital-asset custodians to reduce loss and withdrawal delays. Customer assets would generally be treated as customer property in broker bankruptcies, improving recovery prospects. The CFTC would also set rules on retail margin and allow a short (2-day) actual-delivery exception for spot trades, which could limit some leveraged retail trading.
Broker and dealer governance rules
If enacted, digital commodity brokers and dealers would have to meet CFTC rules on risk management, conflicts policies, disclosures, and execution standards. They would need a sole chief compliance officer and must keep daily trading records and communications as the CFTC requires. The CFTC would set minimum capital standards that firms must meet.
Definitions and developer carve-outs
If enacted, the bill would add detailed legal definitions for "digital asset," "digital commodity," blockchains, DeFi systems, and associated persons. The CFTC would be required to write rules to clarify those terms. The bill would also carve out common developer and noncustodial activities from being treated as intermediary conduct, while keeping anti-fraud powers intact.
Exchange listing and market rules
If enacted, digital commodity exchanges would have to follow core governance principles, run surveillance to prevent abuse, and post plain-language disclosures about token economics, source code availability, trading volume, and conflicts. Exchanges would need to file certifications to list assets and would face a formal Commission review timeline. Exchanges and affiliates would be tightly limited from trading for their own accounts, with narrow exceptions and reporting requirements.
New CFTC fees for registrants
If enacted, the CFTC would be allowed to charge an initial registration fee and yearly fees to digital commodity exchanges, brokers, dealers, and qualified custodians. Fee rates must consider business volume and registrant category and be published quickly after enactment. The CFTC would not be allowed to force registrants to charge per-transaction fees directly to customers.
Registering digital brokers and dealers
If enacted, the bill would make it illegal to operate as a digital commodity broker, dealer, or associated person unless registered with the CFTC, subject to narrow exemptions for de minimis activity or single-state facilities. The CFTC would have to adopt an expedited registration process within 180 days. Firms using the expedited process would enter provisional status and must pay full registration fees while provisional.
Retail advocate and customer education
If enacted, the bill would create an Office of the Digital Commodity Retail Advocate at the CFTC to help retail participants with major problems and to publish two public reports each year. The CFTC would also be required to provide education and outreach to customers in digital commodity markets. The Advocate and an Ombudsman would work to improve consumer protections and communication.
Regulator information sharing rules
If enacted, the bill would let the CFTC share information it collects with many U.S. and foreign financial regulators, subject to confidentiality protections. Recipients would need to sign written agreements promising to keep information confidential. The purpose is to help regulators spot risks and coordinate oversight.
Agency deadlines and effective dates
If enacted, most of the Act would take effect 17 months after enactment. The CFTC and the SEC would have up to 17 months to finish required rulemaking, with some specific tasks on shorter deadlines. The Commissions must issue joint delisting procedures within 180 days and joint portfolio-margin rules within 360 days.
Sponsors & CoSponsors
Sponsor
John Boozman
AR • R
Cosponsors
Dan Sullivan
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