#USHouseMarketStructureDraft U.S. House Unveils Crypto Market Structure Draft

On May 5, 2025, the U.S. House Financial Services and Agriculture Committees released a discussion draft of a comprehensive digital asset market structure bill. This draft aims to provide regulatory clarity by delineating the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).X (formerly Twitter)+10CoinDesk+10House Financial Services+10CoinGape

Key Highlights:

Regulatory Oversight: The SEC would oversee digital assets deemed securities, particularly those with centralized control exceeding 10% token ownership. Conversely, the CFTC would regulate digital commodities and their spot markets. CoinGape+1Decrypt+1

Decentralization Criteria: Projects must demonstrate a lack of unilateral control and meet specific decentralization standards to be classified under CFTC jurisdiction. CoinGape

Investor Access: The draft proposes removing wealth and income restrictions, allowing broader retail investor participation in digital asset markets. X (formerly Twitter)+6CoinGape+6Blockzeit+6

Stablecoin Regulation: While stablecoins are addressed separately, the draft clarifies that they are not to be categorized as securities. CoinGape

Next Steps:

A joint hearing by the House Financial Services Subcommittee on Digital Assets and the House Agriculture Subcommittee on Commodity Markets is scheduled to discuss the draft further. CoinDesk+2House Committee on Agriculture+2House Financial Services+2

Stay tuned for developments as this legislative effort progresses.