In a decision that could fundamentally reshape the way digital assets are negotiated in the United States, legislators advance a bill which finally promises what the cryptographic industry has spent years demanding: regulatory clarity. For Brandon Mulvihill, co -founder and CEO of Crossover Markets, the bill on the structure of the market is more than a simple legislation – it is a turning point.
“It is the first time in the cryptocurrency trade that we have been talking about a national regulatory framework,” said Mulvihill. “All the other asset classes in financial services take advantage of it. Crypto was the exception,” he told Traders magazine.
Financial innovation and technology for the law of the 21st century – known as the market structure bill – consists in creating a unified federal framework to regulate digital assets.
The bill specifies that digital assets are part of the jurisdiction of the Commodity Futures Trading Commission (CFTC) compared to the Securities and Exchange Commission (SEC), while also defining key market roles such as digital exchanges of raw materials, guards and brokers.
Above all, it eliminates the need for companies from obtaining a patchwork of state -by -state licenses, rather offering a national rationalized path to compliance. The bill was adopted by the Chamber of Representatives of the United States with bipartite support on May 22, 2024, marking the first time as a autonomous bill on the structure of the cryptography market released the full house.
In 2025, it remains under the study of the Senate, with the growing pressure of industry and investors so that the congress finished a clear and complete regulatory framework before more innovation and liquidity move next to the management.
Mulvihill was closely involved in the training of the bill, and he considers it as a necessary evolution which brings together digital assets of traditional finance standards, without stifling innovation that defines space. “The cryptocurrency market has started-as most markets do-in an unregulated format,” he said.
“This has led the industry to adopt state-of-state issuing licenses (MTL), which were never really designed for this purpose. The result was a patchwork system that forced companies to reduce a vertically integrated path, that it was logical for their business model,” he said.
The bill on the structure of the market seeks to modernize the regulatory landscape by clearly defining the roles of market players – Costodians, market manufacturers and digital raw materials – and by aligning each with responsibilities adapted to their specific functions.
“It allows the crypto to be regulated in a format similar to traditional finance,” said Mulvihill. “If a business wants to be integrated vertically, great. But if it wants to specialize – as we do at the crossover – they can simply check this box and operate accordingly.”
The crossover business model, as a place of execution only, does not affect customer funds or acts as a counterpart, said Mulvihill. This operational simplicity allows the company to focus exclusively on performance and infrastructure. “Our crossx platform currently corresponds to microsecond transactions to a figure,” he noted, “with 1,151 fixed sessions already deployed in production. The DCE rules in the bill allow companies like ours to develop effectively without being possibly overwhelmed by capital requirements intended for companies that manage customers’ money.”
Mulvihill considers the double path compliance approach to the bill as an intelligent decision – offer regulated entities a clearer and faster way to enter the market without starting from scratch. “There should be a very clean path for the way in which traditional financial institutions can be involved in the crypto, if they wish,” he said. “We want the United States to be the focal point of the global cryptography market, which means facilitating that outgoing players and cryptographic natives work here.”
For years, regulatory ambiguity has led to liquidity and innovation abroad. Mulvihill believes that this bill could reverse this trend. “The answer is a resounding yes,” he said when asked if it could make a global crypto center in the United States. “We don’t need to reinvent the wheel – we just need to apply the type of frame that we already use in other asset classes, with adjustments for crypto nuances.”
Like other jurisdictions like the EU move quickly with complete legislation such as Mica, the United States is at risk of losing its advantage. “Speed is critical because the world evolves at an incredible pace,” warned Mulvihill. “We already see areas of critical mass developing offshore, and these are very difficult to undo.”
He also pointed out that the current imbalance between crypto-native companies and traditional financial players could worsen without action. “Right now, it is easier for cryptographic companies to buy their path in traditional financial products than for regulated tradfi companies to reach crypto,” he said. “This asymmetry must be treated. This bill helps close this imbalance and promotes fair competition. ”
In the end, Mulvihill considers the bill as a fundamental element of infrastructure – not just for companies like his, but for the broader maturation of the industry. “When companies include road rules, they are more likely to invest, build and balance in the United States,” he said. “There are many roles to play on this market, and it is refreshing to finally see these clearly defined roles,” he concluded.
