French Hill, chairman of the House Financial Services Committee, introduced a clear action on May 29th in the digital asset market. This is a bipartisan measure that puts most cryptocurrencies under a unified federal administration and derives clear boundaries between securities law and product surveillance.
249 pages of invoice Define “digital goods”, “investment contract assets”, “mature blockchain system”, and “permitted payment stablecoin.” Next, we amend the Securities Act, Exchange Act, and Commodity Exchange Act to embed these terms.
Hill called the proposal “a long-standing clarity in the digital assets ecosystem,” and said it aims to send it to President Trump “to secure America’s position as a global leader in digital assets.”
Framework details
If the underlying network reaches “mature” status and the issuer’s total pay raise is less than $75 million during the 12-month window, the main token provision could depend on a four-year safe harbor.
After being recognized, secondary transactions by parties other than the issuer are outside the securities jurisdiction and aim to eliminate those classified as Howey-based uncertainty in the exchange list.
Spot trading, brokerages and custody of digital goods will move to the exclusive Commodity Futures Trading Commission (CFTC) oversight, but the proposal maintains double oversight of hybrid products combining securities.
Under the Securities and Exchange Commission (SEC), alternative trading systems and broker-dealers, which only handle digital goods, will submit notifications rather than obtaining new licenses.
In contrast, native crypto venues must complete their interim CFTC registration within 180 days and participate in a self-regulatory organization. The measure also places the banking regulations payment stabilization formula outside the product regulations and folds the crypto intermediary into the obligations of the Bank Secrecy Act.
Bipartisan support
Agriculture Commission Chairman GT Thompson said the bill “needs certainty entrepreneurs and markets.”
House Majority Whip Tom Emmer labeled the law as a “bold step” and kept the next iteration of the internet in our hands.
Both chairman of the Digital Assets subcommittee, Brian Steele and Dusty Johnson, argued that the law “democratizes” access and “gives the market a clarity that needs to flourish.”
Ohio Republican Warren Davidson noted that he has been pursuing statutory clarity since 2018, pointing to protections for independence and freedom of trade.
Democrat co-organizers Angie Craig, Richie Torres and Don Davis framed the bill as a consumer protection and inclusion policy, emphasizing that Craig says the “company path rules” and the text “close the regulatory gap.”
The introduction followed the May 5th discussion draft and the bipartisan roundtable held the following day, testing key concepts with industry and academic witnesses.
The House Financial Services and the Agriculture Committee plan joint markup before sending measurements to the floor.
Additionally, House leaders will vote for the next schedule committee, and the measures can then proceed to the full chamber for consideration.
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