House Republicans release draft bill to establish federal framework for crypto regulation

On May 5, House Financial Services and Agriculture Committee leaders released a discussion draft for a federal crypto framework in the US. The bill aims to regulate the industry by coordinating regulatory responsibilities between the SEC and the CFTC, introducing definitions for key terms, and setting registration pathways for digital asset entities. The draft also protects DeFi protocols and self-custody while prohibiting restrictions on individual self-custody of crypto. The committees will hold a joint hearing to gather stakeholder input and kickstart the legislative process.