New U.S. Crypto Bill Aims to Establish Clear Market Regulations

House Republicans have introduced the Digital Asset Market Clarity Act, a major crypto regulation bill designed to bring long-awaited structure to the U.S. digital asset market. Replacing the previous FIT21 Act, the new 236-page proposal grants the Commodity Futures Trading Commission (CFTC) exclusive oversight of digital commodity spot markets and introduces a dual registration option with either the CFTC or SEC depending on asset classification.

Led by key Republicans on the House Financial Services and Agriculture Committees, the bill is seen as a crucial step toward making the U.S. a global leader in crypto regulation. Platforms could apply for provisional registration with the CFTC while the agency finalizes rules. The legislation also ensures all crypto platforms comply with the Bank Secrecy Act and exempts certain decentralized finance (DeFi) applications and wallet providers from SEC control.

A notable provision blocks regulators from forcing custody firms to hold client crypto assets on their balance sheets. It also clearly states that payment stablecoins are not securities and assigns oversight based on the firm's existing regulator. For custodians, the bill defines qualified digital asset custodians as those under “adequate supervision” by federal, state, or foreign authorities — with further details to be set by the CFTC.

DeFi and NFTs are postponed for future action, with the SEC, CFTC, and Treasury instructed to deliver a report within a year. Despite a tight rulemaking deadline, hearings are scheduled next week to refine the bill's structure. Meanwhile, the Senate is preparing to debate its own stablecoin legislation. Whether both bills will merge remains uncertain, but momentum is growing for crypto regulatory clarity in Washington.