U.S. House Committee Debuts Crypto Bill – A ‘Solid Start,’ Says VanEck’s Sigel

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  • The U.S. unveils another crypto bill after the FIT21 Act, as if the first try wasn’t enough.
  • The crypto community’s reaction? A ‘solid start,’ though who’s counting the years of waiting?

On the 5th of May, the U.S. House Committee on Financial Services decided to unveil yet another draft that could eventually become the new crypto market structure bill, if anyone can agree on it.

This draft, noble as it is, tries to offer clarity on all the chaos caused by the SEC’s (Securities and Exchange Commission) actions during the Biden era. Ah, regulation, the ever-elusive solution.

For instance, the draft clarifies that the sale of digital commodities isn’t a security if the buyer doesn’t acquire a share in the issuer’s business, profits, or assets. Well, that clears everything up, doesn’t it?

Is This Really a ‘Solid Start’ for U.S. Crypto Regulation?

Matthew Sigel, VanEck’s head of digital research, called the draft a ‘solid start.’ Of course, he did. It’s an upgrade from FIT21, according to him. Upgrades are good, right? Until they’re not.

The draft also defines stablecoins as non-securities and gives non-custodial DeFi protocols an exemption. But don’t get too excited yet—the regulators still have the right to squash fraud, false reporting, and market manipulation. It’s like saying, “Sure, you can play, but the ref’s still gonna blow the whistle every time you make a mistake.”

This marks the second attempt by the U.S. government to put crypto in its place after the FIT21 Act. And no, FIT21 still hasn’t made it through the Senate. A work in progress, obviously.

The FIT21 bill had bipartisan support in the House back in May 2024, but the Senate seems to be on a permanent coffee break. But hey, it promised consumer protection and national security—two things that sound really reassuring on paper.

Justin Slaughter, VP of regulatory affairs at Paradigm, has voiced that this new draft will hand the Commodities and Futures Trading Commission (CFTC) the crypto crown. Lucky them, right?

“This bill would make the CFTC the dominant crypto regulator, but still lets the SEC hang around until a network can claim ‘decentralization.’”

The next step? Well, there’s the feedback stage, because everyone loves a good round of feedback, especially when it feels like things are going in circles. After that, the House committee will decide if it’s worthy of a vote. Then, the Senate will get their turn, and then the President can weigh in. So, yeah, there’s time for a few more tweaks.

But hey, it’s not like anything ever moves quickly in Washington.

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2025-05-06 22:07