#USHouseMarketStructureDraft On May 5, 2025, the committees of the U.S. House of Representatives released a discussion draft of the "Digital Asset Market Structure Discussion Draft" to establish a comprehensive legal framework for the digital asset market. This bill proposes a clear delineation of the oversight roles between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while also providing criteria to determine whether a digital asset is considered a security or a commodity.

🔍 Key Content of the Bill

• Delineation of Oversight Authority: Digital assets deemed sufficiently decentralized (e.g., no entity controls more than 10% of the supply) will fall under the CFTC's oversight as commodities. Conversely, more centralized assets will be managed by the SEC as securities.

• Update of Securities Laws: The bill proposes to amend securities laws from the 1930s to exclude certain digital assets from SEC oversight, particularly those that do not confer ownership rights in the issuing company.

• Encouragement of Decentralization: The bill aims to reduce the dominance of large companies in the cryptocurrency space and promote broader participation in the market.