U.S. House Releases Digital Asset Regulatory Framework Draft

The U.S. House of Representatives has made a significant move towards establishing a regulatory framework for digital assets. The House Committee on Financial Services Chairman French Hill, House Committee on Agriculture Chairman G.T. Thompson, House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil, and House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson released a discussion draft of a bill aimed at providing regulatory clarity for the digital asset ecosystem.

Chairman Hill highlighted the historic progress made in the 118th Congress, noting the bipartisan and bicameral consensus in crafting a functional regulatory framework. He emphasized that the discussion draft builds upon previous work and aims to protect consumers while safeguarding the long-term integrity of digital asset markets in the United States. Hill expressed his eagerness to receive public feedback and collaborate with the administration and colleagues to deliver a clear and durable framework.

Chairman Thompson echoed the need for regulatory clarity, stating that the draft marks the first step in advancing a comprehensive framework that protects consumers, fosters innovation, and closes regulatory gaps. He praised the collaborative efforts between the Committee on Agriculture and the Financial Services Committee, led by Chairmen Hill and Steil, and acknowledged the bipartisan leadership of Chairman Dusty Johnson.

Subcommittee Chairman Bryan Steil described the current era as the "golden age of digital assets" and emphasized the House's leadership in maintaining America's position at the forefront of financial innovation and global competition. He highlighted the draft's aim to protect consumers from fraud and expressed his anticipation for feedback to build a final product that secures U.S. dominance in the digital asset space.

Subcommittee Chairman Dusty Johnson underscored the importance of a commonsense regulatory regime for America to become a powerhouse for digital asset investment and innovation. He expressed his honor in developing the draft language with Chairmen Thompson, Hill, and Steil, and looked forward to refining and advancing the bill.

The discussion draft is a significant development in the regulatory landscape for digital assets. It aims to provide much-needed clarity and protection for consumers, fostering innovation while ensuring the integrity of digital asset markets. The draft is expected to receive feedback from the public and stakeholders, with the goal of delivering a clear and durable framework to the President's desk. This initiative underscores the U.S. commitment to remaining a leader in the digital asset space, ensuring that the country continues to innovate and protect its markets.