#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 Representatives French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson, the draft outlines clear roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing the crypto market.¹ ²

*Key Provisions:*

- *Decentralization Test*: Assets meeting decentralization criteria would fall under CFTC jurisdiction as commodities, while centralized assets would be regulated by the SEC.

- *SEC Oversight*: The SEC would oversee digital assets considered investment contracts, while the CFTC would regulate digital commodities and spot markets.

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

- *Stablecoin Definition*: Stablecoins are defined as non-securities, but a separate stablecoin bill has encountered resistance in the Senate.

- *DeFi Exemptions*: Non-custodial DeFi protocols would be exempt from certain regulations, but regulators could still enforce laws against fraud and market manipulation.³

*Industry Reaction:*

- *Support*: Industry groups like the Blockchain Association and Crypto Council for Innovation have urged lawmakers to move quickly, emphasizing the need for a stable regulatory environment.