Federal legislators announced the release of a discussion draft of a bill, the Digital Asset Market Structure Act, designed to establish a regulatory framework for digital assets in the United States. The bill is intended to replace the House’s prior crypto market structure bill, the Financial Innovation and Technology for the 21st Century Act (FIT21). Legislators noted that they had taken a fresh approach to some of the issues commonly considered in crypto regulation and, despite many similarities, including appointment of the CFTC as lead crypto regulator, the bill includes certain unique features omitted from prior proposals.
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