US House Unveils Crypto Market Structure Discussion Draft

Key US House committees have released a new crypto market structure discussion draft, marking a significant step in regulating digital assets.

The US House Financial Services Committee and House Agriculture Committee published the draft on May 5, 2025, aiming to establish a clearer and more transparent regulatory framework for cryptocurrencies and related markets.

The draft outlines a distinct division of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). According to the proposed framework, the SEC will regulate digital assets deemed investment contracts, while the CFTC will oversee digital commodities and their spot markets.

This approach addresses concerns from previous debates over the Financial Innovation and Technology for the 21st Century Act (FIT21). Justin Slaughter from Paradigm commented on X, stating, “Overall, this bill again would make the CFTC the dominant crypto regulator,” but noted that the SEC would retain jurisdiction until decentralization is demonstrated.