#USHouseMarketStructureDraft The US House Market Structure Draft is a proposed bill aimed at regulating the digital asset industry in the United States. Released on May 5, 2025, by House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson, House Committee on Agriculture Chairman G.T. Thompson, House Committee on Financial Services Chairman French Hill, and House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil, the draft outlines a regulatory framework for digital assets ¹.

*Key Provisions:*

- *SEC and CFTC Oversight*: The bill clarifies the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. The SEC will regulate digital assets considered investment contracts, while the CFTC will oversee digital commodities and their spot markets.

- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control, and if any party holds more than 10% of the token supply, they must disclose.

- *Investor Access*: The bill removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.

- *DeFi Protections*: The draft includes provisions to protect decentralized finance (DeFi) protocols and user self-custody rights, exempting them from traditional financial regulations if they don't exercise control over user funds.

- *Market Concentration*: The bill aims to reduce market concentration by lowering the threshold for defining "affiliated persons" from 5% to 1% ² ³ ⁴.

*Next Steps:*

- A joint hearing titled "American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century" is scheduled to discuss the proposed bill and gather stakeholder feedback ¹.