U.S. House Sets June 10 for Crypto Market Structure Bill Review: A Step Toward Regulatory Clarity

On June 10, 2025, the U.S. House of Representatives is poised to review a pivotal crypto market structure bill, marking a significant step toward establishing a comprehensive regulatory framework for digital assets in the United States. According to crypto journalist Eleanor Terrett, Representative French Hill, Chairman of the House Financial Services Committee, has confirmed the markup date for this legislation, which builds on the momentum of the Financial Innovation and Technology for the 21st Century Act (FIT21) passed by the House in 2024. This development follows the Senate’s recent progress on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, signaling a broader push for crypto regulation.

Legislative Context and Bipartisan Momentum

The crypto market structure bill aims to delineate clear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), addressing a long-standing issue for U.S. crypto businesses. The proposed legislation, a successor to FIT21, seeks to classify digital assets as either securities or commodities, providing regulatory clarity for issuers and investors. FIT21, which passed the House with a bipartisan 279-136 vote in May 2024, was a landmark achievement for the crypto industry, with 71 Democrats joining Republicans to support it. The current bill refines this framework, incorporating feedback to make it “much more practical, workable and streamlined,” according to compliance expert and ex-SEC lawyer TuongVy Le.

The bill’s discussion draft, released on May 5, 2025, has garnered optimism from lawmakers. Representative French Hill, chairman of the financial services panel, emphasized its potential to deliver “much-needed regulatory clarity” during a joint hearing announcement by the House Financial Services and Agriculture Committees. Senate Banking Committee Chairman Tim Scott expressed confidence in April 2025 that the market structure bill could pass by August, highlighting bipartisan support. At the Digital Assets Summit in New York City on March 18, 2025, Democratic Representative Ro Khanna noted that 70-80 House Democrats recognize the importance of clear digital asset regulations, suggesting the bill could see similar cross-party support.

Key Provisions

The draft bill clarifies that transactions involving digital commodities do not constitute securities unless they confer ownership interest in the issuer, a provision aimed at reducing regulatory overlap. It grants the CFTC greater authority over digital assets classified as commodities, while the SEC retains oversight of those deemed securities. This delineation is critical for crypto companies navigating compliance, as it provides a framework to determine their primary regulator.

In addition to its core provisions, the draft crypto market structure bill introduces several regulatory measures for the cryptocurrency industry. It mandates that digital commodity exchanges register with the Commodity Futures Trading Commission (CFTC), implement robust information disclosure requirements, and establish professional asset custody systems. The bill also proposes the creation of bankruptcy protection mechanisms to safeguard user assets. Furthermore, it includes measures to prevent market manipulation and promotes cross-border regulatory cooperation by advocating for unified international regulatory standards.

Challenges and Political Headwinds

Despite bipartisan support, the bill faces hurdles. Political tensions, particularly surrounding the Trump family’s crypto ventures, have complicated negotiations. Representative French Hill acknowledged at Consensus 2025 in Toronto that these business interests have added friction to legislative efforts. Democrats, led by figures like Senator Elizabeth Warren, have introduced the “End Crypto Corruption Act of 2025” to prevent senior public officials, including the president, from issuing or endorsing crypto assets, citing conflicts of interest. This opposition led to a Democratic boycott of a joint House committee hearing on May 7, 2025, highlighting a partisan divide.

These challenges suggest that while the House may advance the bill, Senate approval—requiring 60 votes—remains uncertain.

Broader Context and Next Steps

The crypto market structure bill is part of a broader legislative push, including the GENIUS Act, which cleared a Senate cloture vote in May 2025 and aims to regulate stablecoin issuers. The House’s parallel stablecoin bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act), is also progressing, with lawmakers aiming for passage by August 2025. The interplay between these bills underscores the U.S.’s effort to catch up with global jurisdictions that have already implemented crypto regulations.

The June 10 markup will be a critical juncture, where amendments will be debated. Industry stakeholders, including Coinbase’s Greg Tusar, have called the bill a “strong step” toward clarity. While bipartisan support offers hope for progress, political tensions and concerns over consumer protections could delay or derail the legislation. As the crypto community watches closely, the outcome of this markup will determine whether the U.S. can provide the regulatory clarity long sought by businesses and investors alike.