On May 5, 2025, Republican leaders of the House Financial Services and Agriculture Committees published a discussion draft on the structure of the digital asset market (cryptocurrencies).

This draft seeks to establish a clear regulatory framework, dividing oversight between the SEC and the CFTC, and defining digital assets to protect consumers and foster innovation. It proposes rules on what constitutes a digital security and protects certain DeFi protocols. Today, May 6, a joint hearing is scheduled to discuss this draft, although it faces potential objections from Democrats.