Four House Republicans have introduced a draft bill aimed at establishing a regulatory framework for digital assets in the US.
Under this proposal, crypto assets deemed fully “decentralized” would be classified as commodities and regulated by the Commodity Futures Trading Commission (CFTC). Assets considered centralized would fall under the Securities and Exchange Commission’s (SEC) jurisdiction.
Justin Slaughter, vice president of regulatory affairs at the crypto venture capital firm Paradigm, noted on X that the bill would position the CFTC as the primary crypto regulator, while the SEC would retain authority until a network demonstrates decentralization.
The discussion draft was co-authored by Representatives French Hill of Arkansas, G.T. Thompson of Pennsylvania, Bryan Steil of Wisconsin, and Dusty Johnson of South Dakota. Discussion drafts are meant for public comment and have not yet been formally introduced into the legislative process.
