This bill aims to establish regulatory frameworks for digital assets and digital asset securities. It grants the Commodity Futures Trading Commission authority over digital assets and the Securities and Exchange Commission authority over digital asset securities. The bill also addresses issues like anti-money laundering requirements, the issuance of digital currency by the Federal Reserve, and the use of anonymizing services.
Latest Action
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
AI Summary
Plain-English explanation of this bill
This bill aims to establish regulatory frameworks for digital assets and digital asset securities. It grants the Commodity Futures Trading Commission authority over digital assets and the Securities and Exchange Commission authority over digital asset securities. The bill also addresses issues like anti-money laundering requirements, the issuance of digital currency by the Federal Reserve, and the use of anonymizing services.
Last updated: 12/29/2025
Official Summary
Congressional Research Service summary
<p><strong>Digital Asset Market Structure and Investor Protection Act</strong></p><p>This bill generally addresses the regulatory treatment of digital assets and digital asset securities.</p><p>The bill grants the Commodities Futures Trading Commission authority over <em>digital assets</em>, which (1) are created electronically or digitally through software code; (2) are programmed with rules that govern the creation, supply, ownership, use, and transfer of the asset; (3) have a secure transaction history; and (4) are capable of being transferred through a decentralized method without an intermediate custodian.</p><p>Additionally, the bill grants the Securities and Exchange Commission authority over the regulation of <em>digital asset securities</em>, digital assets that provide the holder with (1) equity or debt interest in the issuer, (2) rights to certain payments from the issuer, (3) voting rights in the major corporate actions of the issuer, or (4) liquidation rights in the event of the issuer's liquidation.</p><p>Digital assets and digital asset securities are subject to the Bank Secrecy Act for anti-money laundering, reporting, and recordkeeping purposes.</p><p>The Board of Governors of the Federal Reserve System may issue digital currency. However, digital assets, digital asset securities, and fiat-based stablecoins (a digital asset pegged to the U.S. dollar or other fiat currency) are not U.S. legal tender. Digital asset fiat-based stablecoins must be registered with and approved by the Department of the Treasury.</p><p>Digital assets shall not be covered by the Federal Deposit Insurance Corporation and the National Credit Union Administration depository insurance.</p><p>The Financial Crimes Enforcement Network must issue rules regarding the use of anonymizing services and other anonymity-enhanced convertible virtual currency services.</p>
Key Points
Main provisions of the bill
The bill establishes the Commodity Futures Trading Commission as the regulatory authority for digital assets and the Securities and Exchange Commission as the regulatory authority for digital asset securities.
Digital assets and digital asset securities will be subject to anti-money laundering and reporting requirements under the Bank Secrecy Act.
The Federal Reserve may issue digital currency, but digital assets, digital asset securities, and fiat-based stablecoins are not considered legal tender.
Digital assets and digital asset securities will not be covered by federal deposit insurance.
The Financial Crimes Enforcement Network must issue rules regarding the use of anonymizing services for convertible virtual currencies.
How This Impacts Americans
Potential effects on citizens and communities
This bill would primarily impact the digital asset and cryptocurrency industries, as well as consumers and investors who use or hold these types of financial instruments. The new regulatory frameworks could bring more oversight and consumer protections, but may also create additional compliance costs for businesses. Overall, this legislation aims to bring more clarity and stability to the rapidly evolving digital asset market.
