#USHouseMarketStructureDraft

The US House Market Structure Draft is a proposed bill aimed at establishing a regulatory framework for digital assets in the United States. Introduced by Chairmen French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson, the draft outlines key guidelines for crypto regulation ¹.

*Key Provisions:*

- *Digital Commodities*: Defined as assets that are not considered securities under certain conditions, providing clarity on when a digital asset is classified as a commodity or security.

- *Regulatory Roles*: The Securities and Exchange Commission (SEC) will oversee digital assets deemed securities, while the Commodity Futures Trading Commission (CFTC) will regulate digital commodities and spot markets.

- *Decentralization Test*: A project is considered decentralized if no single party holds more than 10% of the token supply and the network is not under unilateral control.

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

- *Stablecoin Definition*: Stablecoins are defined without being categorized as securities, but a separate stablecoin bill faces challenges in the Senate.

*Implications:*

- *Market Structure*: The draft aims to create a more structured and transparent regulatory environment for cryptocurrencies, potentially boosting liquidity and compliance in secondary markets.

- *Industry Impact*: The bill could lead to increased clarity and certainty for digital asset developers and users, fostering innovation while protecting consumers ².

A joint hearing titled "American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century" will further discuss the draft's contents ¹.