House Republicans Unveil New Draft Legislation to Establish Comprehensive U.S. Crypto Framework
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Spearheaded by Representatives French Hill, Bryan Steil, Glenn “GT” Thompson, and Dusty Johnson, the proposal builds on the momentum of past efforts to provide regulatory clarity for digital assets.
“We made historic progress in the 118th Congress to build a bipartisan, bicameral consensus,” said Rep. Hill. “This draft continues that mission by safeguarding consumers and supporting long-term innovation in U.S. digital asset markets.”
The release comes just ahead of a key congressional hearing titled “A Blueprint for American Innovation and the Future of Digital Assets.” The new draft closely follows the contours of the earlier Financial Innovation and Technology for the 21st Century Act (FIT21)—a bill that passed the House last year but stalled in the Senate.
Among its core proposals, the draft legislation continues to divide regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The CFTC would be granted expanded authority over digital commodities and crypto spot markets—especially those involving Bitcoin—while the SEC would retain jurisdiction over fundraising and securities issuance.
The proposed bill also introduces guidelines for:
Registration and operation of digital commodity exchanges under the CFTC
Fundraising pathways compliant with SEC regulations
Standardized disclosure and transparency requirements
A clear, dual-agency registration system tailored to crypto markets
Lawmakers say the new framework seeks to strike a balance between innovation and consumer protection, positioning the U.S. as a global leader in digital finance regulation.
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