A landmark cryptocurrency regulation bill has been introduced to the US Congress, marking a significant step towards establishing a clear domestic regulatory regime for digital assets. The House Financial Services and Agriculture Committees have jointly released a discussion draft of the bill, which aims to provide much-needed regulatory clarity for the industry. According to Representative French Hill, the proposed legislation can deliver the clarity that the sector needs.
The bill outlines public disclosure requirements for crypto projects and provides a framework for digital asset developers to raise capital under the supervision of the Securities and Exchange Commission or register with the Commodity Futures Trading Commission. The proposed legislation seeks to establish clear boundaries between the jurisdictions of the two US market regulators, a long-standing issue for US crypto businesses. This new bill builds upon the previous Financial Innovation and Technology for the 21st Century Act and emerges as the industry's allies in Congress work on separate legislation to regulate stablecoins. The stablecoin and market structure bills are the primary focus of crypto lobbying efforts in the US, despite facing challenges from President Donald Trump's crypto business interests.
Meanwhile, three leading crypto lobbying organizations have issued a joint statement urging the Senate to move forward with the debate on the stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins Act.