The U.S. House of Representatives has introduced a draft which aims to create a regulatory framework for cryptocurrencies. This new initiative builds upon a prior legislation known as FIT21, establishing clarity over which jurisdiction governs certain digital assets.

Key Highlights:

• Two relevant House committees have released this discussion draft to clarify regulatory responsibilities regarding cryptocurrency oversight.
• This bill aims to clearly delineate the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
• A joint hearing is scheduled for Tuesday to focus on this proposed legislation.

Representative French Hill remarked, “This draft can provide much-needed regulatory clarity,” underscoring the necessity for a comprehensive approach to overseeing digital assets.

Conversely, Representative Glenn Thompson emphasized that this bill aims to protect consumers and promote innovation while addressing oversight gaps.

The legislators are urging swift deliberation on both this structure bill and other associated measures, particularly those regulating stablecoins, as discussions progress through Congress.