U.S. Reps. Dusty Johnson (R-SD), Glenn “G.T.” Thompson (R-PA), French Hill (R-AR), and Bryan Steil (R-WI) on Monday released a discussion draft for a GOP-led bill that would establish a regulatory framework for digital assets in the United States.
“Regulatory clarity is long overdue in digital asset markets,” said Rep. Thompson, chairman of the U.S. House Agriculture Committee. “Today marks the first step in advancing a comprehensive framework that protects consumers, fosters innovation, and closes regulatory gaps in oversight.”
Digital assets technology can modernize the nation’s financial infrastructure, reinforce the dollar’s leadership in global markets, and support new collaborative models for delivering services, including access to financial products, social networks, and distributed computing systems, according to a one-page summary of the discussion draft.
The problem is the lack of clear regulations, the lawmakers say, noting that without knowing how digital assets will be treated, companies and developers are stuck in legal limbo, with neither the Securities and Exchange Commission (SEC) nor the Commodity Futures Trading Commission (CFTC) currently having full authority over the offer and sale of non-security digital assets.
“America needs to be the powerhouse for digital asset investment and innovation,” said Rep. Johnson, chairman of the House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development. “For that to happen, we need a common-sense regulatory regime.”
The existing lack of clarity has confused investors and developers; allowed bad actors to scam the public; and pushed companies to move overseas, where clearer rules exist, according to the summary of the Digital Asset Market Structure Discussion Draft.
The discussion draft, added Rep. Thompson, will give digital asset developers and users the certainty they need and have asked for.
“We made historic progress in the 118th Congress to build bipartisan, bicameral consensus in crafting a functional regulatory framework for digital assets,” said U.S. House Financial Services Committee Chairman Hill. “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.”
Rep. Hill said he also looks forward to receiving feedback from the public and working alongside the Trump administration and his congressional colleagues “to deliver a clear, durable framework to President Trump’s desk so that America remains the crypto capital of the world.”
A summary of the discussion draft says that the forthcoming bill aims to protect consumers by strengthening transparency and accountability; bolstering the market by protecting digital asset projects; establishing clear lines between the SEC and CFTC; and creating comprehensive registration regimes to permit them to lawfully serve customers in digital asset markets.
“The golden age of digital assets is here, and the House, under the leadership of Chairman Hill and Chairman Thompson, is leading the way,” said Rep. Steil, chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. “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.”