#USHouseMarketStructureDraft

US publishes draft framework for cryptocurrencies—‘The golden age of digital assets is here’

The House Financial Services Committee of the U.S. issued a statement on May 5, presenting a draft bill that proposes a new market structure for digital assets in the United States. Backed by Committee Chairman French Hill, Agriculture Committee Chairman G.T. Thompson, and Subcommittee Chairs Bryan Steil and Dusty Johnson, the discussion draft seeks to provide regulatory clarity while maintaining the U.S. leadership in financial innovation. It precedes a joint subcommittee hearing scheduled for May 6 on digital asset policies.

Chairman Hill framed the draft as a continuation of the bipartisan work established in the previous Congress: “We made historic progress in the 118th Congress to build bipartisan, bicameral consensus in crafting a functional regulatory framework for digital assets.” He added: “Our discussion draft builds on that work and provides the much-needed regulatory clarity for the digital asset ecosystem while protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States.” Steil described the legislation as a tool to maintain global competitiveness:

The golden age of digital assets is here, and the House … is leading the way. Our discussion draft aims to keep America at the forefront of financial innovation and global competition while protecting consumers from fraud.