The Republican Party of the U.S. House of Representatives has introduced the "Digital Asset Market Clear Act," aiming to establish the dominant regulatory role of the CFTC.

[The U.S. House Republicans Introduce the Digital Asset Market Clarity Act, Aiming to Establish CFTC’s Regulatory Dominance] U.S. House Republicans have officially introduced their latest version of the digital asset market regulatory bill, the Digital Asset Market Clarity Act, aimed at “establishing a regulatory structure for the digital asset market, which has been the industry’s call for many years.” The bill is seen as the successor to the previous Financial Innovation and Technology Act, promoted by Republican leaders from the House Financial Services Committee and the Agriculture Committee. South Dakota Republican and Chairman of the Agriculture Subcommittee Dusty Johnson stated, “The U.S. should be a leader in the global digital asset market, but to achieve that, a clear regulatory framework must be established.” The bill grants the Commodity Futures Trading Commission (CFTC) “exclusive regulatory jurisdiction” over the spot market for digital commodities and establishes a system whereby crypto platforms can choose to register with the CFTC or the Securities and Exchange Commission (SEC) based on the nature of their trading in digital commodities or securities. The bill also includes: requiring crypto platforms to be regulated under the Bank Secrecy Act; exempting certain DeFi operations and wallet providers from SEC regulation; prohibiting future regulatory attempts to require custodial companies to record customer assets on their own balance sheets; and granting some regulatory authority over transactions involving the payment of stablecoins to existing relevant regulatory agencies. In addition, the bill requires the CFTC to define the standards for “qualified digital asset custodians” and mandates the SEC, CFTC, and the Treasury to submit a research report on DeFi within one year. If the bill passes, all regulatory rules will take effect within a year.