Lawmakers in the House Agriculture and House Financial Services committees discussed the need for regulatory clarity in the crypto market structure in the United States during a joint hearing of the digital assets subcommittees. The competing enforcement actions by the SEC and CFTC have forced entrepreneurs, developers, and job creators offshore, and the proposed framework aims to address this issue. The framework includes tailored compliance pathways and modernizing securities regulations to suit the reality of crypto marketplaces dealing directly with retail customers.

Additionally, a framework for voluntary DEX registration is proposed to embrace the benefits of rapid DEX development without prior restraint, allowing for greater experimentation in consumer protections and keeping DeFi truly permissionless. US policymakers should provide realistic registration pathways for centralized exchanges and allow permissionless competition to deliver the benefits of decentralized exchanges.