House Republicans Propose Federal Framework for Crypto Regulation

House Republicans have unveiled a draft bill aimed at establishing a federal regulatory framework for cryptocurrencies. The proposal, released on May 5 by leaders of the House Financial Services and Agriculture Committees, seeks to clarify the roles of the SEC and CFTC in overseeing the industry.

Key architects of the legislation include Financial Services Chairman French Hill and Agriculture Committee Chairman Glenn Thompson. The bill introduces legal definitions for blockchain and crypto market terms while addressing jurisdictional coordination between regulators.

This legislative effort comes as digital assets gain increasing prominence in financial markets. The proposal could significantly impact how cryptocurrencies are traded and regulated across major exchanges.