A bill on the structure of the cryptocurrency market in the US has been introduced by lawmakers in the House of Representatives
As a successor to the so-called FIT21 bill considered in the previous session, House committee chairmen have released a draft for discussion of a new market structure bill.
Jesse Hamilton | Edited by Nikhilesh De Updated May 5, 2025, 4:43 PM Published May 5, 2025, 4:26 PM
What is important to know:
- Two key committees in the US House of Representatives have released draft legislation they hope will establish a regulatory regime for cryptocurrencies in the country.
- Building on a previous initiative known as FIT21, this proposal also aims to create clear boundaries between the cryptocurrency jurisdictions of the Commodity Futures Trading Commission and the Securities and Exchange Commission.
- The bill will be a key part of joint hearings on Tuesday.
The main cryptocurrency-related development in the US Congress came in the form of debate on a bill that would establish a comprehensive domestic regulatory framework for digital assets for the first time.
The House Financial Services Committee and the Agriculture Committee, which oversee assets seeking jurisdiction, released a working draft of a bill Monday that Rep. French Hill, the House financial services committee chairman, said could provide “much-needed regulatory clarity.”
“Today marks the first step toward creating a comprehensive framework that protects consumers, promotes innovation, and addresses regulatory gaps,” said Representative Glenn “GT” Thompson, chairman of the Agriculture Committee, which oversees the Commodity Futures Trading Commission, which is likely to play a major role in regulating cryptocurrencies. “This will give digital asset developers and users the certainty they need and have asked for.”
On Tuesday, the digital assets subcommittees of both House committees will hold a joint hearing on the future of digital assets, focusing on a draft for discussion.
The draft details public disclosure requirements that crypto projects would have to meet. It also suggests that digital asset developers would raise capital under the supervision of the Securities and Exchange Commission or register with the CFTC to trade digital commodities.
The bill aims to finally establish “clear boundaries” between the jurisdictions of the two U.S. market regulators, an issue that has become a problem for the American cryptocurrency business.
This proposed format for the long-awaited cryptocurrency legislation, based on a similar first attempt called the Financial Innovation and Technology for the 21st Century (FIT21) Act that advanced through the House last year, comes as the industry’s allies in Congress are actively working on a separate legislative effort to regulate stablecoins. The stablecoin and market structure bills represent the main lobbying efforts in support of cryptocurrencies in the U.S., though proponents face opposition from President Donald Trump’s own cryptocurrency business interests, which has led to
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