#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", aimed at establishing a comprehensive legal framework for the digital asset market. This bill proposes a clear delineation of supervisory roles between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while providing criteria to determine whether a digital asset is considered a security or a commodity.

🔍 Key points of the bill

• Delineation of supervisory authority: Digital assets that are considered sufficiently decentralized (e.g., no entity controls more than 10% of the supply) will fall under the oversight of the CFTC as commodities. In contrast, more centralized assets will be regulated by the SEC as securities.

• Updating securities laws: The bill proposes amending securities laws from the 1930s to exclude certain digital assets from SEC oversight, particularly those that do not convey ownership rights in the issuing company.

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