#USHouseMarketStructureDraft

On May 5, 2025, the Financial Services and Agriculture Committees of the U.S. House of Representatives released a draft legislation aimed at regulating the digital asset market. The draft seeks to define the regulatory roles of both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while exempting certain digital assets from securities laws if they do not grant ownership rights or profits to investors.

The draft includes mechanisms for the registration of exchanges and brokers, maintaining users' self-custody rights, with a focus on consumer protection. However, the draft faces opposition from some Democrats, which could impact the progress of the legislation in Congress.