#USHouseMarketStructureDraft The US House Market Structure Draft refers to a proposed bill aimed at establishing a comprehensive regulatory framework for digital assets in the United States. Recently, Representatives Johnson, Thompson, Hill, and Steil released a discussion draft of the bill, which focuses on providing clarity and filling regulatory gaps in the digital asset market ¹.

The draft bill proposes a hybrid model that divides primary regulatory responsibility between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It categorizes digital assets into three main categories: *digital commodities*, *restricted digital assets*, and *permitted payment stablecoins* ².

Here are some key aspects of the bill:

- *Regulatory Framework*: The bill establishes a regulatory framework that tailors existing market regulation to digital assets, closing regulatory gaps and providing clarity for market participants.

- *Digital Asset Categories*: The bill categorizes digital assets based on their development status, holder type, and distribution method.

- *Disclosure Requirements*: The bill requires disclosure and certification of information related to digital assets, including source code, digital asset economics, and plans for decentralization.

- *Custody*: The bill addresses custody issues by requiring intermediaries to hold digital assets with qualified custodians.

The proposed bill has undergone revisions, with the latest version incorporating feedback from stakeholders. Its progress will be closely watched by industry participants, regulators, and lawmakers ².