New Crypto Draft Aims to Reduce Big Firm Influence and Boost Market Participation

A new draft bill concerning the cryptocurrency market has been proposed, aiming to limit the influence of major crypto companies and encourage wider participation. The draft, titled the "Digital Asset Market Structure Discussion Draft," was introduced by House Republicans on May 5. It includes a rule requiring members of crypto projects to disclose their holdings of tokens exceeding 1% of the total supply. This measure is intended to democratize participation in the crypto space by increasing transparency. According to a Paradigm executive, the draft is a significant, though incremental, revision of the existing Financial Innovation and Technology for the 21st Century Act. The initiative is led by Chairs Glenn Thompson and French Hill of the House agricultural and financial services committees.