Gillibrand Sees Path Forward for Senate Crypto Bill Amid Hurdles

Senator Kirsten Gillibrand of New York told reporters she is very optimistic that the Senate Agriculture Committee will advance its updated bill on cryptocurrency market structure, even with some differences among members. The committee, led by Chairman John Boozman of Arkansas, released the new text on January 21, 2026, and scheduled a business meeting for January 27 to consider it. This comes as lawmakers push to create clear federal rules for digital assets like bitcoin and others.

Background

Lawmakers have spent years trying to set rules for cryptocurrencies. These digital assets trade on markets but often fall into a gray area between different regulators. The Commodity Futures Trading Commission, or CFTC, handles futures markets, while the Securities and Exchange Commission, or SEC, oversees stocks and other securities. The new bill from the Agriculture Committee aims to give the CFTC more power over what it calls digital commodities.

This effort builds on earlier work. Back in 2022, Senators Gillibrand and Cynthia Lummis from Wyoming put forward a bill to divide oversight between the CFTC and SEC. That idea has shaped talks since then. The House of Representatives passed its own version, the Digital Asset Market Clarity Act, in July 2025. That bill runs hundreds of pages and covers offers and sales of digital commodities, plus rules for stablecoins and blockchain systems.

The Senate now has two committees working on pieces of the puzzle. The Agriculture Committee focuses on the CFTC side with its Digital Commodity Intermediaries Act. The Banking Committee has a broader draft called the Digital Asset Market Clarity Act. These bills overlap a bit but differ in scope. The Agriculture version is shorter and sticks to CFTC rules, while the Banking one tackles SEC issues too and blocks things like central bank digital currencies for policy uses.

Chairman Boozman first shared a bipartisan discussion draft months ago. He worked with Senator Cory Booker from New Jersey on it. They added ideas from outside groups and committee staff. But full agreement did not happen, so Boozman moved ahead with a new draft that keeps some bipartisan changes but pushes forward anyway.

Gillibrand, who serves on both the Agriculture and Intelligence committees, has stayed active in these talks. She sees the bill as a way to protect people who trade crypto while letting the industry grow in the U.S.

Key Details

The updated bill from the Agriculture Committee builds on the earlier draft. It would let the CFTC regulate the offer and sale of digital commodities. These are assets on blockchains that meet certain tests, like being fully launched and traded widely without central control.

Key parts define terms like blockchain systems and mature ones. A mature blockchain must run for years, have many users, and distribute tokens fairly, often through mining or staking. The bill sets rules for who can handle these assets, like custodians or exchanges. It also covers anti-fraud measures and stablecoins used for payments.

Timeline and Next Steps

The committee set a business meeting for Tuesday, January 27, 2026, at 3 p.m. in the Russell Senate Office Building. That's when members will vote on changes and decide if the bill moves out of committee. Boozman called this schedule a way to keep things open and let everyone review the text.

“This schedule ensures transparency and allows for thorough review as the committee moves forward with legislation to provide clarity and certainty for crypto markets. I’m grateful to Senator Booker, who continues to be a great partner, as well as our staff for their hard work and dedication to create new rules to protect consumers while also supporting American innovation.”

— Senator John Boozman, Chairman of the Senate Agriculture Committee

Gillibrand spoke to reporters after the draft came out. She said differences remain on big policy points, but the group has made real progress. Booker has pushed for stronger consumer protections, which show up in the new text.

The House bill already defines similar ideas. It talks about end-user distributions where tokens go to many people without big cash swaps. It excludes self-custodial staking and sets studies on things like decentralized finance and NFTs. Senate leaders will need to match their version with the House one later.

What This Means

If the Agriculture Committee passes the bill on January 27, it heads to talks with the Banking Committee's version. Those two must merge before the full Senate votes. Then comes a conference with the House to settle differences. This could shape how trillions in crypto trade under U.S. law.

Clear rules would help companies know which agency watches them. Right now, fights between the CFTC and SEC slow things down and push some firms overseas. The bill aims to fix that by giving the CFTC lead on spot markets for commodities like bitcoin.

Crypto prices have swung wild in recent years, with big crashes hurting everyday traders. New rules could add safeguards, like better disclosures and limits on fraud. But industry groups worry too much red tape might stifle new projects.

Gillibrand's optimism points to momentum. She has long backed balanced rules that cover risks without killing growth. Boozman agrees, saying the draft improves consumer safety and U.S. edge in tech.

Lawmakers face other pressures. The Senate recess ends soon, and they juggle funding deadlines. But crypto has bipartisan pull, with Republicans like Boozman and Democrats like Gillibrand and Booker on board.

Passage this year would mark a big win after stalled efforts. It fits a push for America to lead in digital finance. Traders and firms watch closely, as federal clarity could boost markets and draw investment.

The January 27 vote sets the pace. If it clears committee, expect more talks through spring. Differences on stablecoins, staking, and broker rules will need fixes. But leaders see a path to final law that sets crypto rules for years.