#USHouseMarketStructureDraft While there isn't currently a specific document titled "US House Market Structure Draft" that broadly covers the entire financial market structure, recent activity in the U.S. House of Representatives concerning digital asset market structure has produced a significant discussion draft.

Key Points Regarding the Recent Digital Asset Market Structure Discussion Draft (Released May 5, 2025):

* Focus on Digital Assets: This draft bill, led by House Financial Services Committee Chairman French Hill and House Agriculture Committee Chairman G.T. Thompson, aims to establish a regulatory framework specifically for digital assets in the United States.

* Building on Previous Efforts: It's considered an "incremental, albeit meaningful, rewrite" of the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed the House in the previous Congress but did not become law.

* Regulatory Clarity: The primary goal is to provide much-needed regulatory clarity for the digital asset ecosystem, protect consumers, and ensure the long-term integrity of these markets while maintaining U.S. leadership in financial innovation.

* Key Provisions and Potential Impacts:

* Decentralization Test: The draft includes a test for "decentralization." Digital assets deemed sufficiently decentralized would be classified as commodities and fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC). The new draft reportedly has a slightly different test focusing on the "control" of any single entity over a blockchain project, potentially lowering the threshold for decentralization compared to FIT21.

* Affiliated Person Definition: The definition of an "affiliated person" for digital commodities has been lowered from owning more than 5% to more than 1% of the issued digital commodity. This change aims to curb the influence of large crypto firms and promote broader market participation.

* DeFi Protocols: Decentralized finance (DeFi) trading protocols that allow users to engage in transactions in a "self-directed manner"