Coinbase Global Inc (COIN) shares climbed Tuesday after senators unveiled draft legislation that could finally answer the question the crypto industry has been asking for years: who's actually in charge here?

The draft bill, revealed late Monday, would create a comprehensive regulatory framework for cryptocurrency in the United States. According to reports, the legislation aims to clarify which financial regulators have jurisdiction over different parts of the crypto sector, potentially giving digital assets the regulatory certainty needed for broader adoption.

The Timing and the Politics

The announcement comes just a day after the Senate Agriculture Committee delayed its markup of a major crypto market-structure bill until the end of January. Senator John Boozman (R-AR) said the postponement gives lawmakers more time for bipartisan negotiations, adding that meaningful progress has been made and the committee still plans to move forward later this month.

What the Bill Actually Does

Here's the substance: the crypto industry has been operating in regulatory limbo for years. Without clear rules, companies say they can't plan for the future or know which regulator they're supposed to answer to. This bill attempts to fix that by spelling out how different crypto tokens should be classified—whether they're securities, commodities, or something else entirely.

Crucially, the draft would give the Commodity Futures Trading Commission oversight of spot crypto markets, a significant shift in regulatory authority.

The House already passed its version back in July, but Senate negotiations stalled over disagreements about anti-money-laundering requirements and how to regulate decentralized finance platforms. Now it looks like momentum might be building again.

Coinbase shares were up 3.05% at $250.40 at the time of publication Tuesday.