US House Market Structure Draft – May 2025 Update
On May 5, 2025, the U.S. House Financial Services and Agriculture Committees released a new draft of the “Digital Asset Market Structure Act.” This draft aims to create a clear and comprehensive regulatory framework for cryptocurrencies and other digital assets.
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Key Highlights:
Regulatory Division:
The draft proposes a clear division of responsibilities between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
Centralized digital assets would be regulated by the SEC.
Fully decentralized assets would fall under the CFTC’s oversight.
Definition of Digital Commodities:
Digital assets that do not provide ownership rights or profit-sharing to users are defined as "digital commodities" and would be exempt from SEC securities rules.
Retail Investor Access:
The draft removes income and wealth restrictions for retail investors, making it easier for regular individuals to invest in digital assets.
Decentralization Test:
A blockchain network will be considered decentralized if less than 90% of the tokens are held under any single control. Such networks would be regulated by the CFTC.
Political Opposition:
Democratic leader Rep. Maxine Waters is blocking a joint hearing on this draft due to concerns about former President Trump’s influence on crypto regulation.
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Related Figures:
Estimated crypto market size affected: $2 trillion+
Investment potential for retail investors: $500 billion+
Draft's anticipated impact on stablecoins and DeFi markets: High
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