The amended bill on the crypto market structure would exempt top cryptocurrencies from the purview of the SEC. On May 5, 2025, the House Financial Services Committee released the latest version of the crypto market structure legislation draft, after adding key language to numerous foundational securities laws. In particular, the Securities Act of 1933 and Securities Exchange Act of 1934 would now formally exclude “digital commodities” from the definition of security, and thereby, from the SEC’s purview.
Additionally, the Securities Investor Protection Act of 1970 describes “investment contracts” in a manner that excludes certain digital commodities originating from a “mature blockchain system” from being classified as securities. According to the draft, a blockchain system, together with its related digital commodity, that is not controlled by any person or group of persons under common control, is a mature blockchain.
Under the treatment of secondary transactions in digital commodities, the draft states “the offer or sale of a digital commodity by a person other than the issuer of such digital commodity, or an agent thereof, that does not represent or give the purchaser an ownership interest or other interest in the revenues, profits, or assets of the issuer of such digital commodity or another business entity or person, or in assets acquired or to be acquired by any such person, shall be deemed not to be an offer or sale of an investment contract between the issuer of such digital commodity” as such its it doesnt fall under the SEC’s spot light.
House Committee on Agriculture Chairman Thompson added, “Regulatory clarity is long overdue in digital asset markets. Today marks the first step in advancing a comprehensive framework that protects consumers, fosters innovation, and closes regulatory gaps in oversight. It will give digital asset developers and users the certainty they need and have asked for.
