#USHouseMarketStructureDraft The US House Market Structure Draft is a proposed bill aimed at establishing a regulatory framework for digital assets in the United States. Released on May 5, 2025, the draft bill seeks to provide clarity on the treatment of digital commodities, specifically stating that transactions involving the sale of digital commodities will not be classified as securities, provided they do not grant purchasers any ownership interest in the issuer's business, profits, or assets ¹.

*Key Provisions:*

- *Decentralization Test*: A clear test to determine whether a digital commodity is decentralized, requiring that no single entity has unilateral control ².

- *Exemptions for DeFi Protocols*: Non-custodial DeFi protocols that do not exercise discretion over user funds will be exempt from certain regulations ².

- *Stablecoin Definition*: Stablecoins are defined without being categorized as securities, providing clarity for these popular digital assets ².

- *Retail Investor Access*: The bill removes income and wealth limits for retail buyers, opening the market to a broader audience ².

- *Regulatory Oversight*: The bill outlines the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital assets ¹.

The draft bill is a significant step towards providing regulatory clarity for the digital asset market in the US.