Crypto’s big show in the U.S. Congress has been unveiled in the form of a discussion draft of legislation that would establish for the first time a comprehensive domestic regime for regulating digital assets.

The House Financial Services Committee and House Agriculture Committee — both sharing responsibility for the jurisdiction-hoping assets — released a working draft of a bill that Representative French Hill, chairman of the financial-services panel, said can deliver “much-needed regulatory clarity.”

“Today marks the first step in advancing a comprehensive framework that protects consumers, fosters innovation, and closes regulatory gaps in oversight,” said Representative Glenn “GT” Thompson, chairman on the agricultural committee,…