PANews reported on May 30 that according to CoinDesk, Republicans in the U.S. House of Representatives formally proposed a new crypto market structure bill, the Digital Asset Market Clarity Act, which is another important crypto regulatory legislation after the 21st Century Financial Innovation and Technology Act (FIT21). The 236-page bill gives the U.S. Commodity Futures Trading Commission (CFTC) primary regulatory authority over the digital commodity spot market, and requires crypto platforms to choose to register with the CFTC or SEC based on the type of trading assets.

The core contents of the bill include: allowing crypto platforms to obtain temporary registration qualifications from the CFTC; excluding some DeFi projects and wallet providers from SEC supervision; prohibiting custodians from forcing them to include customer assets in their own balance sheets; and clarifying that payment-type stablecoins do not fall within the scope of securities. The bill also requires the three major regulatory agencies to complete DeFi regulatory research within one year and authorizes the Government Accountability Office to submit a research report on DeFi and NFT.

If the Clarity Act is enacted, regulators will have one year to implement its market structure rules. There is still some discussion about whether the stablecoin bill and the market structure bill should be combined into one cryptocurrency bill for Congress.