The U.S. House of Representatives has scheduled the review date for the cryptocurrency market structure bill on June 10: a regulatory turning point or a new starting point for the crypto industry?
On May 22, 2025, FOX Business reporter Eleanor Terrett disclosed that U.S. House Financial Services Committee Chairman French Hill officially set the review date for the cryptocurrency market structure bill on June 10. This news quickly triggered a stir in the global crypto industry, seen as an important milestone in clarifying the U.S. regulatory framework. This article will deeply analyze the core content, controversial points, and potential impacts of the bill.
1. Core of the Bill: Naming Cryptographic Assets, Defining Jurisdiction Between SEC and CFTC
According to a discussion draft previously released by the House, the bill aims to clarify classification standards for digital goods and redefine regulatory responsibilities:
Defining Digital Goods: If tokens are issued on a decentralized blockchain and secondary market trading does not confer the buyer rights to the issuer's profits or assets, they are considered 'digital goods' rather than securities, regulated by the CFTC (Commodity Futures Trading Commission). This classification directly provides a compliance path for mainstream tokens like Bitcoin and Ethereum.
Decentralization Test: If no single entity controls more than 10% of the token supply, and the protocol possesses characteristics such as open source and autonomy, it will be exempt from SEC (Securities and Exchange Commission) regulation. This move encourages project teams to achieve decentralization.
Regulatory Void for Stablecoins: The draft does not clarify the regulatory affiliation of stablecoins but defines them as non-securities, potentially reserving space for subsequent specialized legislation.
2. Industry Response: Institutional Entry Accelerates, Liquidity May Surge
If the bill is passed, it will significantly reduce compliance pressures and attract traditional capital influx:
Increase in Regulatory Certainty: The CFTC has a friendly attitude towards cryptocurrencies, and its leading regulation can reduce disputes over SEC 'enforcement regulation,' lowering the entry threshold for institutional investors.
Liquidity Boost: Exchanges like Kraken plan to launch over 50 tokenized stocks and ETFs, and the bill may promote the rollout of more compliant financial products.
Project Team Strategy Adjustment: The decentralization test encourages teams to distribute token control early to avoid being classified as securities.
However, industry concerns remain. For example, support for the bill from the Trump administration is uncertain. Although Trump has recently stated high-profile claims to 'maintain the U.S. crypto leadership,' analysis indicates that his stance may fluctuate with political needs.
3. Political Game: Struggle Between Parties and Race Against Time
Behind the bill's advancement is a complex political game:
White House Pressure: The Trump administration demands the passage of the market structure and stablecoin bill before August to avoid exacerbating the U.S. debt crisis.
Senate Resistance: Democratic Senator Sherrod Brown and others are dissatisfied with investor protection clauses, which could delay the bill's progress. Although the Senate aims to approve it before August, the actual implementation is quite challenging.
The Legacy of the FIT21 Bill: This draft is seen as an upgraded version of the 2024 FIT21 Bill, which failed to pass due to ambiguous decentralization standards. The new bill optimizes the compliance path through control tests (such as voting rights restrictions).
4. Future Outlook: Short-term Review and Long-term Impact
The House review on June 10 is just the first step; it will subsequently require a Senate vote and presidential signature. Institutions like TD Cowen predict that the probability of the bill passing in the current Congress is less than 30%, but it will lay the groundwork for legislation in 2026. If unexpectedly passed, it could trigger the following chain reactions:
Expansion of the Crypto Market: Under CFTC regulation, innovation in derivatives, ETFs, and other products accelerates, driving market capitalization growth.
Global Regulatory Imitation: The U.S. framework may become a reference template for other countries, accelerating international coordination.
DeFi Compliance: Non-custodial protocols are exempt, but anti-fraud clauses still leave room for regulatory intervention.
Conclusion: A battle that defines the future
The review on June 10 is not only a watershed moment for U.S. cryptocurrency regulation but also a bellwether for the global compliance of digital assets. Regardless of the outcome, this game will profoundly impact the balance between technological innovation, capital flow, and regulatory philosophy. The crypto industry needs to remain rational amidst expectations.
If you want to delve deep into the crypto space but can't find a clue, want to quickly get started and understand information gaps, tap the profile and follow me for first-hand information and in-depth analysis! Daily real-time operations shared a week later!