A significant move for the cryptocurrency industry has been made as U.S. House Republicans have introduced the Digital Asset Market Structure Clarity Act. This comprehensive bill seeks to establish clear regulatory frameworks for cryptocurrencies and is seen as a pivotal turning point in US crypto regulation. Building on the prior FIT21 initiative, it positions the Commodity Futures Trading Commission (CFTC) as the primary regulator for most digital commodities like Bitcoin, while offering a dual registration system for platforms dealing with both securities and commodities. The proposal grants temporary registration status for platforms seeking CFTC oversight and notably exempts certain DeFi protocols and wallet providers from SEC jurisdiction. It also prevents regulators from forcing custodians to list client assets on their balance sheets—a key concern in previous SEC interpretations. For stablecoins, the bill clarifies that payment-based tokens are not securities and should be overseen by appropriate financial regulators.