House Republicans officially introduced the "Digital Asset Market Clarification Act."

According to ChainCatcher news and reported by CoinDesk, House Republicans have officially introduced the Digital Asset Market Clarity Act, a 236-page bill aimed at establishing a regulatory framework for the digital asset market.

The bill grants the Commodity Futures Trading Commission (CFTC) exclusive regulatory authority over the digital commodity spot market and allows crypto platforms to register with the CFTC or the Securities and Exchange Commission (SEC) based on their business nature. The bill explicitly states that payment stablecoins are not considered securities and exempts decentralized finance (DeFi) operators and wallet service providers from SEC regulation.

Additionally, the bill requires the SEC, CFTC, and the Treasury Department to submit a research report on DeFi and non-fungible token (NFT) regulation within one year. If the bill is passed, the relevant regulatory agencies must complete the market structure rulemaking within one year. Currently, the Senate is still advancing the review of the stablecoin bill.