#USHouseMarketStructureDraft The US House of Representatives is working on a draft bill to establish a regulatory framework for digital assets. Here's what's happening ¹:

Key Developments

- *Digital Asset Market Structure Discussion Draft*: Representatives Dusty Johnson, G.T. Thompson, French Hill, and Bryan Steil released a discussion draft on May 5, 2025, aiming to provide regulatory clarity for digital assets and protect consumers.

- *Regulatory Framework*: The draft proposes a comprehensive framework, dividing primary regulatory responsibility between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) based on factors like decentralization and functionality of the digital asset's blockchain system.

- *Certification Process*: The bill introduces a certification process for digital assets to transition from "restricted digital assets" to "digital commodities," shifting regulatory oversight from the SEC to the CFTC.

Proposed Legislation

- *Financial Innovation and Technology for the 21st Century (FIT 21) Act*: This bill is expected to receive a House floor vote, aiming to establish a regulatory framework for digital assets and provide customer protections.

- *Previous Efforts*: In June 2023, Representatives Patrick McHenry and Glenn Thompson released a similar discussion draft, highlighting the need for clear regulations to foster innovation and protect consumers.

Next Steps

- *House Floor Vote*: The FIT 21 Act is expected to be voted on by the House of Representatives, marking a significant milestone in establishing a US regulatory framework for digital asset markets.

- *Senate and Presidential Approval*: The bill still faces an uphill battle in the Senate and potential presidential veto if it reaches the White House.