House Democrats are drafting their own crypto market structure bill with a bigger SEC role and a smaller CFTC, Eleanor Terrett reports. That is a securities-law framing rather than a commodities one,

What happened: House Democrats are discussing turning Rep. Maxine Waters' Crypto Investor and Consumer Bill of Rights into a broader crypto market structure bill next Congress, with a bigger SEC role and a smaller CFTC one, per Eleanor Terrett. Key numbers: Clarity Act passed the House 294-134 in July 2025 and failed a Senate cloture vote 49-50 on Sept. 15. Why it matters: TD Cowen's Jaret Seiberg wrote the sweep closes the door on Clarity for two years, and Republicans call the Democratic plan a "messaging bill." No bill text has been released.

House Democrats are discussing turning Rep. Maxine Waters' Crypto Investor and Consumer Bill of Rights into a broader crypto market structure bill next Congress, with a bigger SEC role and a smaller CFTC one, per Eleanor Terrett.

TD Cowen's Jaret Seiberg wrote the sweep closes the door on Clarity for two years, and Republicans call the Democratic plan a "messaging bill." No bill text has been released.