The new “Digital Asset Market Structure Discussion Draft” introduced by House Republicans on May 5 could work to reduce the dominance of large crypto firms and promote more participation in the broader market, according to an executive from Paradigm.
The discussion draft, led by the House agricultural and financial services committee chairs Glenn Thompson and French Hill, is an “incremental, albeit meaningful, rewrite” of the Financial Innovation and Technology for the 21st Century Act (FIT21), Paradigm’s vice president of regulatory affairs Justin Slaughter said in a May 5 X post.
One-pager of the digital asset market structure discussion draft submitted by House Republicans on May 5. Source: US House Agriculture Committee
One of the major changes from FIT21 is that the draft defines an affiliated person as anyone who owns more than 1%