The United States lawmakers have released a discussion draft outlining market structure rules and oversight responsibilities for cryptocurrency firms. Former Fox Business journalist Eleanor Terrett revealed this via an X post on Tuesday.
🚨JUST IN: Senate Banking Chair @SenatorTimScott, @SenLummis, @SenatorHagerty & @berniemoreno have just released their long-awaited market structure discussion draft.
It was set to be released last week, but was delayed because of the House drama.
It builds on the House-passed…
— Eleanor Terrett (@EleanorTerrett) July 22, 2025
Notably, this development establishes a comprehensive regulatory framework to bring clarity and order to digital assets, which have been plagued by regulatory uncertainty for years.
U.S. Lawmakers Unveil Crypto Framework
The draft bill, released on July 22, aims to define the legal status of digital assets, clarify regulatory jurisdiction, and establish a pathway for the issuance of tokens. It builds upon the earlier Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to delineate the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing the crypto industry.
The proposal seeks to resolve the longstanding ambiguity over whether digital assets should be classified as securities or commodities. It also proposes a framework where digital assets can be issued and traded without being automatically deemed securities under the Securities Act of 1933.
Furthermore, it outlines a process for determining the legal status of blockchain networks, including those launched before the bill’s enactment. This provides clarity for existing projects and guides new ones in achieving compliance. It also includes provisions for increased transparency and accountability among digital asset issuers and trading platforms, emphasizing the need for disclosures and safeguards akin to those in traditional financial markets.
As the legislative process unfolds, the crypto industry and regulators alike await to see how the bill evolves. Meanwhile, the release of the discussion draft has been met with cautious optimism from industry stakeholders.
The GENIUS Act
According to a recent report, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act has been signed into law by President Trump. This regulatory Act sets guidelines for stablecoin issuance, requiring liquid reserves to protect consumers and prevent money laundering. The law aims to promote faster global payments and lower fees. Other cryptocurrency bills, such as the Clarity Act, have received Senate approval.
Notably, these pro-crypto proposals and legislations are only possible because U.S. President Donald Trump has pronounced support for the crypto industry, unlike the previous administration.
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