In a move that could reshape the U.S. regulatory landscape for digital assets, House lawmakers unveiled a discussion draft of a landmark bill on Monday. This proposed legislation aims to establish a comprehensive framework for regulating cryptocurrencies, marking a pivotal moment in the sector’s ongoing quest for regulatory clarity.
Lawmakers Step Up to Provide Clarity
The draft, released by the House Financial Services Committee and the House Agriculture Committee, underscores a coordinated effort to address the complex jurisdictional challenges posed by digital assets. Representative French Hill, chairman of the financial-services panel, emphasized the bill’s potential to provide “much-needed regulatory clarity.” Meanwhile, Representative Glenn “GT” Thompson, who chairs the agricultural committee overseeing the Commodity Futures Trading Commission (CFTC), highlighted the bill’s importance in closing regulatory gaps and protecting consumers. As explored in our recent coverage of U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer, the upcoming discussions are expected to be highly contentious.
The spotlight will soon shift to a joint hearing scheduled for Tuesday, where the digital assets subcommittees of both House committees will delve into the future of digital assets. It’s here that the discussion draft will be scrutinized, setting the stage for lively debates and potential amendments.
Implications for the Crypto Market
The proposed legislation seeks to delineate clear boundaries between the jurisdictions of the Securities and Exchange Commission (SEC) and the CFTC, a longstanding issue that has confounded U.S. crypto businesses. Under the new framework, crypto projects would be required to make public disclosures, while digital asset developers could raise capital under the SEC’s guidance or register with the CFTC for trading digital commodities. For a deeper dive into the regulatory implications, see our coverage of US crypto groups urging SEC for clarity on staking.
This legislative effort builds upon the Financial Innovation and Technology for the 21st Century Act (FIT21) that made progress in the House last year. It’s part of a broader push by industry allies in Congress to regulate stablecoins—a parallel legislative effort gaining momentum despite the headwinds posed by former President Donald Trump’s business interests in crypto, which have attracted criticism from Democratic quarters.
The Stablecoin Conundrum
Stablecoin regulation remains a key focus, with the stablecoin and market-structure bills representing the primary lobbying efforts for crypto in the U.S. Committees in both the House and Senate have advanced stablecoin bills, which are now poised for consideration by the full chambers. Notably, three leading crypto lobbying organizations—the Blockchain Association, Crypto Council for Innovation, and the Digital Chamber—issued a joint statement urging the Senate to progress with its version of the stablecoin bill, dubbed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
This plea for action highlights the urgency felt by industry stakeholders to establish a cohesive, bipartisan stablecoin framework. The lobbying groups argue that such legislation would provide a vital foundation for innovation and stability within the digital asset ecosystem.
What Lies Ahead
As lawmakers navigate the intricacies of digital asset regulation, the crypto community watches closely, eager for signs of progress. The proposed bill, though still in its infancy, represents a significant step towards a more structured regulatory environment. Yet, questions linger about how swiftly these proposals will translate into enacted law and whether they can balance innovation with investor protection.
The unfolding legislative process promises to be a complex journey, fraught with debates and negotiations. But for an industry long beset by uncertainty, the potential for clarity and structure is a welcome development. Whether these efforts will ultimately succeed in delivering the certainty that crypto developers and users crave remains to be seen. For now, the path forward is set—albeit with a few twists and turns likely along the way.
Source
This article is based on: U.S. Crypto Market Structure Bill Unveiled by House Lawmakers
Further Reading
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- The SEC Can Learn From the IRS in Making Regulation Simpler for Crypto
- Crypto Coalition Tells SEC Staking Is ‘Essential Good,’ Not a Security
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
