$BTC draft bill concerning the U.S. House Market Structure for Digital Assets was released on Monday, May 5, 2025, by key members of the House Financial Services Committee and the House Committee on Agriculture. This discussion draft aims to establish a comprehensive regulatory framework for digital assets in the United States.
Here's a summary of the key aspects of this draft bill:
* Regulatory Clarity: The primary goal is to provide much-needed clarity for the digital asset ecosystem, which has long sought clearer rules of the road.
* Consumer Protection: A significant focus is on protecting consumers from fraud and ensuring the integrity of digital asset markets.
* Maintaining U.S. Leadership: The draft intends to keep the United States at the forefront of financial innovation and global competition in the digital asset space.
* Jurisdictional Clarity: The bill seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. It proposes that digital assets deemed sufficiently "decentralized" would be classified as commodities and fall under the purview of the CFTC.
* Decentralization Test: The draft introduces a "decentralization test" that requires disclosure of any holder with more than 10% ownership while a project remains centralized and ensures no unilateral control. Non-custodial DeFi protocols that do not exercise user discretion would be exempt.
* Stablecoins: The bill defines stablecoins without labeling them as securities and proposes an optional early registration path, along with joint rulemaking by the SEC and CFTC.
* Digital Commodities: The draft specifies that secondary market sales of digital .
Here's a summary of the key aspects of this draft bill:
* Regulatory Clarity: The primary goal is to provide much-needed clarity for the digital asset ecosystem, which has long sought clearer rules of the road.
* Consumer Protection: A significant focus is on protecting consumers from fraud and ensuring the integrity of digital asset markets.
* Maintaining U.S. Leadership: The draft intends to keep the United States at the forefront of financial innovation and global competition in the digital asset space.
* Jurisdictional Clarity: The bill seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. It proposes that digital assets deemed sufficiently "decentralized" would be classified as commodities and fall under the purview of the CFTC.
* Decentralization Test: The draft introduces a "decentralization test" that requires disclosure of any holder with more than 10% ownership while a project remains centralized and ensures no unilateral control. Non-custodial DeFi protocols that do not exercise user discretion would be exempt.
* Stablecoins: The bill defines stablecoins without labeling them as securities and proposes an optional early registration path, along with joint rulemaking by the SEC and CFTC.
* Digital Commodities: The draft specifies that secondary market sales of digital .