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Congress·Introduced·S. 4064

Sen. Boozman Introduces Bill to Give CFTC Oversight of Crypto Exchanges and Brokers

Digital Commodity Intermediaries Act

5 days ago·View on Congress.gov

Legislative Progress

Senate
House
President
Law

Key Points

  • The bill gives the CFTC exclusive jurisdiction over the buying and selling of digital commodities — including meme coins — in cash and spot markets. This creates the first comprehensive federal framework for regulating crypto trading, replacing the current patchwork of rules.

    From policy text

    “the Commission shall have exclusive jurisdiction with respect to any account, agreement, contract, or transaction involving a contract of sale of a digital commodity in interstate commerce, including in a digital commodity cash or spot market”
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  • Crypto exchanges, brokers, and dealers must register with the CFTC and comply with rules on customer protection, segregation of funds, recordkeeping, and conflicts of interest. Companies that fail to register within 90 days of the new process face penalties.

    From policy text

    “a person shall not act as a digital commodity exchange, digital commodity broker, or digital commodity dealer after the end of the 90-day period beginning on the date the process described in paragraph (2) is adopted by the Commodity Futures Trading Commission”
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  • Customer assets must be kept separate from company funds and held in qualified digital asset custodians, making it harder for exchanges to misuse or lose customer money — a direct response to past crypto collapses like FTX.

    From policy text

    “shall be separately accounted for and shall not be commingled with the funds of the digital commodity exchange or be used to margin, secure, or guarantee any trades or accounts of any customer or person other than the person for whom the same are held”
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  • The bill creates a new Office of the Digital Commodity Retail Advocate inside the CFTC to help everyday investors resolve complaints, identify problems, and recommend regulatory and legislative changes to protect retail crypto users.

    From policy text

    “There is established within the Commission the Office of the Digital Commodity Retail Advocate.”
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  • Software developers who write code for blockchains or decentralized finance protocols are shielded from regulation, so long as they do not control customer funds. This carve-out aims to protect open-source innovation from being treated as financial services activity.

    From policy text

    “a person shall not be subject to this Act and the regulations promulgated under this Act based on the person directly or indirectly engaging in any of the following activities, whether singly or in combination, in relation to the operation of a blockchain system”
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  • To fund implementation, the bill authorizes $150 million and directs the CFTC to collect fees from registered crypto firms. It also gives the CFTC expedited hiring authority to recruit staff with digital commodity and cybersecurity expertise.

    From policy text

    “There is authorized to be appropriated to carry out the Digital Commodity Intermediaries Act and the amendments made by that Act $150,000,000, to remain available until expended, until the Commission has established and is collecting registration fees pursuant to subsection (a).”
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Economy FinanceTechnology Digital

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones3 actions
Mar 12, 2026Senate

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 355.

Mar 11, 2026Senate

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

Mar 11, 2026

Introduced in Senate

What Happens Next

Projected impacts based on AI analysis

30 days after enactment

Customer disclosure requirements kick in for unregistered crypto firms

Within 30 days of enactment, any crypto exchange, broker, or dealer not yet registered with the CFTC must prominently warn customers that it is not regulated — giving investors a heads-up about which platforms lack federal oversight.

17 months after enactment

Most provisions take effect and CFTC rules are finalized

17 months after enactment, the new regulatory framework goes live. Crypto exchanges, brokers, and dealers must be registered or in the process of registering. Customer protection rules, segregation requirements, and custody standards become enforceable.

About 2-3 years after enactment

Provisional status ends for registered firms

270 days after final rules are published, crypto firms in provisional registration must fully comply with all requirements or lose their ability to operate. This is the deadline for the industry to complete the transition to the new regulatory system.

Source Information

Document Type

Congressional Bill

Official Title

Digital Commodity Intermediaries Act

Bill NumberS 4064
Congress119th Congress
ChamberSenate
Latest ActionRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 355.

Sponsor

Cosponsors

(2)
R: 2

Analysis generated by AI. Always verify with official sources.