Two crypto policy tracks moved at the same time in Washington this week. Lawmakers said a first proposal on stablecoin yield rules could arrive soon, while the US Securities and Exchange Commission and the Commodity Futures Trading Commission released a joint framework for classifying digital assets. Senate Banking Committee Chair Tim Scott said the initial stablecoin yield proposal is expected by the end of the week.
Stablecoin yield language moves closer to a draft
Scott said the progress followed talks with Angela Alsobrooks and Thom Tillis, and he also credited Patrick Witt for helping push the discussions ahead. Earlier the same day, Harry Jung told a private session that negotiations had advanced. Even so, the yield section is only one part of a broader bill, not the whole package.
Title III, which covers DeFi, remains under discussion between industry groups and Senate Democrats. Brian Nistler said the talks have become more detailed than they were last year. Scott also pointed to movement on ethics provisions and quorum issues.
Agencies publish a 68-page crypto classification framework
At the regulatory level, the SEC and CFTC jointly issued a 68-page document setting out how crypto assets may be categorized. The framework defines five categories, including digital commodities and digital securities, and explains how staking, mining, and airdrops fit under existing law. Regulators said in the document that most crypto assets are not securities.
The agencies also said investment contracts tied to tokens can expire over time. Coinbase Chief Legal Officer Paul Grewal welcomed the added clarity after years of legal disputes. The framework also draws on prior work introduced by Gary Gensler.
Bitcoin, Ether, XRP, and Solana placed under digital commodities
The joint framework specifically lists several tokens as digital commodities, including Bitcoin, Ether, Solana, and XRP. That shifts oversight more toward the CFTC and gives a clearer answer to a dispute that has shadowed Ripple for years. Stuart Alderoty said the decision confirms XRP as a digital commodity.
Work on broader market structure rules is still continuing on Capitol Hill. According to sources, members of the Senate Banking Committee are set to meet on Thursday to discuss the next steps. Congress is expected to keep working through these crypto policy issues after the Easter recess.