#USHouseMarketStructureDraft The US House of Representatives has released a discussion draft for a crypto market structure bill, aiming to establish a regulatory framework for digital assets. This move marks a significant step towards providing clarity and transparency in the industry.

*Key Provisions:*

- *SEC and CFTC Roles*: The Securities and Exchange Commission (SEC) will oversee digital assets considered investment contracts, while the Commodity Futures Trading Commission (CFTC) will regulate digital commodities and their spot markets.

- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control, and no party holds more than 10% of the token supply without proper disclosure.

- *Investor Access*: The bill removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.

- *Regulatory Exemptions*: DeFi protocols that are non-custodial and don't exercise discretionary control over users' funds may be exempt from certain regulations.

*Implications:*

- The bill's passage could lead to increased regulatory clarity and certainty for digital asset issuers and investors.

- The CFTC is expected to become the dominant regulator for cryptocurrencies, with the SEC retaining jurisdiction until decentralization is proven.

- Stablecoin regulation remains a challenge, with Senate Democrats expressing concerns over risks associated with new language ¹.$BTC $BNB