#美国众议院市场结构讨论草案

On May 5, the leaders of the U.S. House Financial Services Committee and the Agriculture Committee jointly announced a discussion draft aimed at constructing a federal regulatory framework for the U.S. digital asset industry. The draft was co-released by Representatives French Hill, Glenn “G.T.” Thompson, Bryan Steil, and Dusty Johnson.

Lawmakers stated that the bill aims to align the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), clarifying the legal definitions of key terms in the blockchain and cryptocurrency markets. It introduces definitions for core concepts such as digital commodities and blockchain systems, stating that 'end-user allocation' is neither a security nor constitutes a sale. The draft also establishes a registration pathway for digital commodity exchanges, clarifies the jurisdiction of the SEC and CFTC, and provides protections for DeFi protocols and self-custody.