On May 5, leaders of the U.S. House Financial Services Committee and the Agriculture Committee released a discussion draft outlining a federal framework for regulating the U.S. crypto asset industry.
House Financial Services Committee Chairman French Hill (Republican, Arkansas), Agriculture Committee Chairman Glenn “G.T.” Thompson (Republican, Pennsylvania), Financial Services Committee Digital Assets Subcommittee Chairman Bryan Steil (Republican, Wisconsin), and Agriculture Committee Commodity Markets Subcommittee Chairman Dusty Johnson (Republican, South Dakota) jointly issued the legislative draft.
These lawmakers emphasized that the bill aims to coordinate regulatory responsibilities between the SEC and the Commodity Futures Trading Commission (CFTC), while providing legal definitions for key terms in the blockchain and crypto asset markets.
Chairman Hill stated, “This discussion draft builds on the bipartisan, bicameral progress made in the 118th Congress, providing a lasting framework to protect consumers and maintain the U.S. leadership in digital innovation.”
He also added that the committee intends to gather public feedback and work with the Trump administration to push for the enactment of the final bill.
Digital Asset Classification
The legislation introduces definitions for core industry concepts, including digital commodities, blockchain systems, decentralized governance, approved payment stablecoins, and mature blockchain systems.
Additionally, the draft clarifies that distributions made through mining, staking, or user rewards, referred to as “end-user distributions,” do not fall under securities or constitute a sale under current law.
Chairman Thompson emphasized the urgent need for the legislation, pointing out that the proposed framework will fill regulatory gaps and provide the certainty that developers and users have long called for.
The draft sets registration pathways for digital commodity exchanges, brokers, and dealers under CFTC regulation while allowing the SEC to retain jurisdiction over securities and certain hybrid assets. Entities engaged in custodial functions, trade facilitation, or interaction with customers must adhere to newly defined registration and disclosure procedures.
Subcommittee Chairman Steil stated, “This is the beginning of a golden age for digital assets, and the House is leading the way.”
Johnson agreed, stating that the U.S. must provide a sensible regulatory framework to maintain its position as a global center for crypto asset investment and innovation.
The draft also preserves protections for DeFi protocols and self-custody. It stipulates that as long as DeFi trading protocols and messaging systems do not hold user funds or exercise discretion, they are not required to comply with traditional financial regulations.
The bill also prohibits the Treasury Department or the Financial Crimes Enforcement Network (FinCEN) from issuing rules that restrict individuals' ability to self-custody crypto assets through wallets.
Initiating the Legislative Process
The committee has scheduled a joint hearing on May 6, titled “The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century,” aimed at initiating formal legislative discussions and gathering stakeholder input.
The draft includes provisions for the SEC and CFTC to jointly develop rules, as well as conducting research on DeFi, NFTs, and blockchain infrastructure by expanding the functions of federal agencies' innovation offices.
By establishing legal definitions and clear jurisdictional boundaries, the proposed bill aims to eliminate uncertainty in U.S. crypto asset regulation while encouraging responsible development and oversight of the digital asset market.
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