New Delhi, May 13 -- The Senate Banking Committee on Thursday is almost sure to advance a crypto regulation bill that industry heavyweights like Coinbase Global have championed for years. Crypto investors can't pop the champagne just yet.

Republican senators early Tuesday morning released the final text of a bill that would regulate crypto trading. The bill would put most crypto trading under the purview of the Commodity Futures Trading Commission rather than the Securities and Exchange Commission, a long-sought industry goal. The committee plans to hold a vote on the bill on Thursday.

The bill is important for crypto trading platforms because it removes the risk that they face a redux of President Joe Biden's administration, when the S...