Introduction
On July 17, 2025, the U.S. House of Representatives passed a comprehensive crypto market structure bill, aimed at regulating exchanges, brokers, and custodians, marking a significant milestone in U.S. blockchain policy.
Background
For over a decade, U.S. crypto markets operated under unclear federal and state laws. The new legislation establishes specific classifications for digital assets and outlines rigorous disclosure and reporting requirements.
Key Provisions
- Designates the Commodity Futures Trading Commission (CFTC) as the primary overseer of digital commodities.
- Requires proof of reserves and segregation of customer funds.
- Introduces mandatory AML/KYC standards for platforms.
- Creates a streamlined registration process for custodians and brokers.
Industry Response
Crypto advocacy groups praised the bill’s clarity. Blockchain Association Executive Director Kristin Smith stated: “This provides the certainty we’ve needed to responsibly grow our industry while protecting consumers.”
Impact
With clearer rules, institutional investors are expected to increase participation in U.S.-based crypto markets, potentially boosting liquidity and innovation.
Next Steps
The bill moves to the Senate, where a vote is expected within weeks. Full implementation could come in early 2026.
