Four Republican representatives from the U.S. House of Representatives introduced a new bill aimed at creating a regulatory framework for digital assets.
The 212-page draft prepared by French Hill from Arkansas, G.T. Thompson from Pennsylvania, Bryan Steil from Wisconsin, and Dusty Johnson from South Dakota aims to provide regulatory clarity in the cryptocurrency market. This draft, which has not yet been officially introduced into the legislative process, has been presented for public feedback.
According to the proposal, cryptocurrencies that are documented to be completely decentralized will be classified as commodities and will be subject to the oversight of the Commodity Futures Trading Commission (CFTC). On the other hand, digital assets with a centralized structure will be regulated by the Securities and Exchange Commission (SEC).
Justin Slaughter, one of the executives of the crypto investment firm Paradigm, said, "This bill makes the CFTC the primary regulator of the crypto market once again; however, it gives authority to the SEC until a network meets the decentralization criteria."
The new draft is seen as a revised version of the "21st Century Financial Innovation and Technology Act (FIT21)," which passed the House of Representatives last year but was not voted on in the Senate.
The draft aims to target:
Disclosure obligations for developers (disclosure)
Right to store crypto in your own wallet (self-custody)
Consumer protection measures
State-level regulatory authorities
Hill and Thompson stated that the proposal "contributes to Trump's vision of making the US the cryptocurrency capital and reinforces its global financial leadership."
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In the US, Republicans announced a bill regarding cryptocurrency.
Four Republican representatives from the U.S. House of Representatives introduced a new bill aimed at creating a regulatory framework for digital assets.
The 212-page draft prepared by French Hill from Arkansas, G.T. Thompson from Pennsylvania, Bryan Steil from Wisconsin, and Dusty Johnson from South Dakota aims to provide regulatory clarity in the cryptocurrency market. This draft, which has not yet been officially introduced into the legislative process, has been presented for public feedback.
According to the proposal, cryptocurrencies that are documented to be completely decentralized will be classified as commodities and will be subject to the oversight of the Commodity Futures Trading Commission (CFTC). On the other hand, digital assets with a centralized structure will be regulated by the Securities and Exchange Commission (SEC).
Justin Slaughter, one of the executives of the crypto investment firm Paradigm, said, "This bill makes the CFTC the primary regulator of the crypto market once again; however, it gives authority to the SEC until a network meets the decentralization criteria."
The new draft is seen as a revised version of the "21st Century Financial Innovation and Technology Act (FIT21)," which passed the House of Representatives last year but was not voted on in the Senate.
The draft aims to target:
Hill and Thompson stated that the proposal "contributes to Trump's vision of making the US the cryptocurrency capital and reinforces its global financial leadership."
Published: May 6, 2025 15:10