During the last month, the House Financial Services Committee released a discussion draft on the 'Structure of the Digital Asset Market' to clarify when digital tokens are considered securities versus commodities, and to establish disclosure and registration requirements for issuers and trading platforms. At the same time, Senators Bill Hamer (Republican) and Kirsten Gillibrand (Democrat) led a bill focusing on regulating stablecoins, but nine Democrats withdrew their support in objection to anti-money laundering standards and systemic risk reduction. Both drafts aim to establish the first comprehensive federal rules for digital assets, with each varying in scope: the House draft includes a broad reform of market structures, while the Senate bill focuses solely on stablecoins. Hearings and amendments are expected to be held in early May, followed by a vote on the final text later.