By Jonathan Jachym, Global Head of Policy & Market Structure

The policy objective behind these frameworks is simple: protect consumers, foster innovation, and provide clear rules of the road. Despite more than five years of legislative effort, the US is not yet among them. But Congress has a narrow window to pass a market structure bill in the coming months.

To be clear, the US isn’t unregulated. It’s regulated fifty times over. Firms operating nationally navigate state money-transmitter regimes, FinCEN registration, and overlapping federal claims from multiple agencies.

What’s missing is a federal floor, a unified market structure framework that defines digital asset categories, resolves jurisdiction between…