The U.S. Senate Agriculture Committee has taken a crucial step toward regulating the cryptocurrency sector by releasing a draft of proposed market structure laws, according to Cointelegraph. The document, authored by Republicans John Boozman and Democrat Cory Booker, aims to clarify how the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) will handle crypto oversight. The proposal seeks to define these agencies’ roles, with Congress dictating their regulatory limitations. Under previous administration efforts, both CFTC and SEC provided guidance to cryptocurrency companies regarding regulations. Boozman highlighted the crucial role of the CFTC in regulating spot digital commodity trading and advocated for clear rules to protect consumers within the volatile crypto market.