#USHouseMarketStructureDraft US House Releases Crypto Market Structure Discussion Draft, Here’s All

US House committees unveil draft crypto market bill defining SEC, CFTC roles, decentralization tests, and retail investor access rules.A new crypto market structure discussion draft has been released by key U.S. House committees, marking a new phase in digital asset regulation.

The U.S. House Financial Services Committee and House Agriculture Committee published the draft on Monday, May 5, 2025, aiming to create a more structured and transparent regulatory environment for cryptocurrencies and related markets.Clear Roles for US SEC and CFTC Crypto Market Bill

The draft crypto market bill outlines a more distinct separation of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under the proposed framework, the US SEC will regulate digital assets that are considered investment contracts. The CFTC will oversee digital commodities and their spot markets.

This approach addresses concerns raised during earlier debates over the Financial Innovation and Technology for the 21st Century Act (FIT21). Justin Slaughter of Paradigm commented on X, “Overall, this bill again would make the CFTC the dominant crypto regulator,” but he noted that the SEC would retain jurisdiction until decentralization is proven.

The bill also aims to prevent securities laws from applying to digital commodities traded on secondary markets unless those transactions grant the buyer rights to the issuer’s profits or assets.