US senators have introduced a draft bill on cryptocurrencies, which would grant the CFTC regulatory power.

Two U.S. senators have introduced a bipartisan bill to transfer regulatory authority over cryptocurrencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC)—a move long favored by the industry.

John Boozman, a Republican from Arkansas who chairs the Senate Agriculture Committee, and Cory Booker, a Democrat from New Jersey, unveiled the proposal on Monday. The draft bill would grant the CFTC powers including regulating market structure, classifying most cryptocurrencies as digital commodities, requiring companies to register certain activities, establishing new disclosure rules, and imposing new fees on certain transactions.

Both the SEC and CFTC seek to establish rules for the cryptocurrency market, but industry has lobbied heavily for the latter to lead the regulatory process. The Trump administration supports the smaller CFTC taking the lead, but Democrats worry about its regulatory capacity. This draft bill from the two senators builds on a similar House proposal that also favors CFTC-led regulation.

“This draft is just the first step. We have a lot of work to do before moving the bill through committee considerations and ultimately to the full Senate,” Booker said in a statement. “I am particularly concerned about the CFTC’s insufficient resources and the situation of its bipartisan members.”

Because the CFTC is overseen by the Senate Agriculture Committee, the Market Structures Bill must be approved by both that committee and the Senate Banking Committee. Senate Banking Committee Chairman Tim Scott said Monday that he welcomed the draft bill.

The Senate Agriculture Committee has not yet scheduled hearings or deliberations on the bipartisan draft bill.