U.S. House Bill Seeks To Establish Digital Asset Regulatory Framework

Introduction

On May 5, 2025, House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman G.T. Thompson (PA-15), House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil (WI-01), and House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson (SDAL) released a discussion draft of a yet-to-be-named bill addressing market structure for digital asset activity (the "DAMS Draft"). If adopted as proposed, the DAMS Draft would establish a regulatory framework for activity involving what the proposal calls "digital commodities" in the United States. Primary market activity (i.e., fundraising through the sale of digital commodities) would be overseen by the Securities and Exchange Commission (the "SEC"), while secondary transactions in digital commodities would be under the oversight