Headline: Senate introduces crypto market-structure bill — CFTC to oversee spot markets, stable coin rules tightened
U.S. senators released draft legislation to define crypto tokens (securities vs. commodities), give the CFTC authority over spot markets, and tighten rules on stablecoin rewards. The bill bans paying interest solely for holding stablecoins but permits activity-based rewards and requires joint SEC/CFTC disclosures. Banking lobbyists pushed for limits citing deposit-risk concerns; crypto firms warn the changes could harm competition. The Senate will mark up the bill—final language and passage remain uncertain.