After the CLARITY Act collapsed, House Democrats are discussing a new crypto market structure bill that would expand the SEC’s role, reduce the CFTC’s role and impose stricter ethics rules. The bill has not yet been published, but Representative Maxine Waters’s earlier proposals call for 24-hour withdrawals, monthly reserve attestations, segregated customer assets and priority for customer orders. These measures would extend registration, disclosure, custody and order-handling obligations to crypto platforms while increasing fixed compliance costs. The September 2025 text failed the cloture vote 49-50, and the fate of a successor bill will depend partly on how authority is divided between the SEC and the CFTC.
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