U.S. “2025 Digital Asset Market Structure Act” Discussion Draft: Keywords — Regulation, Definitions, Protection
May 5 News — According to the official website of the U.S. House Financial Services Committee, Representatives French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson have jointly released a discussion draft of the 2025 Digital Asset Market Structure Act. The bill proposes to establish a unified regulatory framework, clearly define terms such as digital commodities, stablecoins, self-custody rights, and decentralized finance (DeFi), delegate regulatory authority to both the CFTC and SEC, and introduce registration mechanisms for exchanges, brokers, and custodians.
The legislation emphasizes consumer protection, encourages innovation, and aims to fill regulatory gaps, with the ultimate goal of consolidating the United States’ leadership in the global digital asset market. The bill is currently open for public comment.
Let’s Take a Look at the Full Report:
House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman G.T. Thompson (PA-15), House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil (WI-01), and House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson (SD-AL), today released a discussion draft of a bill to establish a regulatory framework for digital assets in the United States.
Chairman Hill said, “We made historic progress in the 118th Congress to build bipartisan, bicameral consensus in crafting a functional regulatory framework for digital assets. Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem by protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States. I look forward to receiving feedback from the public and working alongside the Trump Administration and my House and Senate colleagues to deliver a clear, durable framework to President Trump’s desk so that America remains the crypto capital of the world.”
Chairman Thompson added, “Regulatory clarity is long overdue in digital asset markets. Today marks the first step in advancing a comprehensive framework that protects consumers, fosters innovation, and closes regulatory gaps in oversight. It will give digital asset developers and users the certainty they need and have asked for. Members of the Committee on Agriculture are proud to work with members of the Financial Services Committee, led by Chairman Hill and Chairman Steil. And I am grateful to Chairman Dusty Johnson, whose bipartisan leadership has been instrumental every step of the way.”
Subcommittee Chairman Bryan Steil said, “The golden age of digital assets is here, and the House, under the leadership of Chairman Hill and Chairman Thompson, is leading the way. Our discussion draft aims to keep America at the forefront of financial innovation and global competition, while protecting consumers from fraud. I look forward to receiving feedback and building a final product that secures U.S. dominance in this space.”
Subcommittee Chairman Dusty Johnson added, “America needs to be the powerhouse for digital asset investment and innovation. For that to happen, we need a commonsense regulatory regime. It’s been an honor to develop this draft language with Chairmen Thompson, Hill, and Steil, and I look forward to refining and advancing our bill.”
May 6, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence & House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development will hold a joint hearing entitled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century.”
Key Points of the Bill: Emphasis on Regulatory Clarity and Innovation
According to the preliminary contents of the discussion draft, the bill outlines a comprehensive regulatory design across several major areas in the digital asset space:
Regulatory Definitions and Responsibilities
Clearly distinguishes between “Digital Commodities” and “Digital Securities”;
Assigns regulatory authority over digital commodities to the Commodity Futures Trading Commission (CFTC), while digital securities fall under the Securities and Exchange Commission (SEC);
Introduces a new category of “Emerging Digital Assets” for tokens with neither clear commodity nor security attributes, and proposes a separate evaluation standard.
Registration and Disclosure Mechanisms
Requires digital asset trading platforms, brokers, custodians, etc., to register with the appropriate regulatory bodies and fulfill compliance obligations;
Introduces asset class-based disclosure standards to ensure investors’ right to information;
Specifically calls for public feedback on whether DeFi protocol developers should bear registration responsibilities under the principle of technology neutrality.
Self-Custody and User Sovereignty
Explicitly recognizes users’ legal right to hold, transfer, and use self-custody wallets (e.g., Ledger, MetaMask);
States that no regulatory measure may ban or restrict users’ self-custody assets on the grounds of “compliance.”
Stablecoin Regulatory Framework
Proposes a dedicated regulatory category for “Payment Stablecoins”;
Encourages issuance of stablecoins by registered banks or regulated trust institutions, which would be subject to capital adequacy and audit requirements;
Bans algorithmic stablecoins as a means of payment unless granted an exemption.
Technology Neutrality and Regulatory Sandbox
Establishes a “Digital Asset Innovation Sandbox” to provide temporary exemptions and testing environments for startups;
Calls for coordination between federal and state governments to avoid significant legal conflicts.
If progress proceeds smoothly, the bill is expected to be signed into law by President Trump by the end of 2025, becoming the first comprehensive regulatory framework for the digital asset market in the U.S.
Conclusion
Overall, the release of the 2025 Digital Asset Market Structure Act marks a pivotal step in the U.S.’s efforts to establish a clear, unified, and enforceable regulatory system for digital assets. The bill not only seeks to resolve the overlapping authority issues between the SEC and CFTC but also addresses long-standing concerns around self-custody rights and DeFi compliance.
As the upcoming hearing unfolds, this legislation is poised to become the focal point of renewed negotiations and collaboration between the crypto industry, lawmakers, and regulators. Whether the U.S. can maintain its leading position in the global crypto market will largely depend on the bill’s ability to strike the right balance between encouraging innovation and strengthening regulatory oversight.
