A legislative effort is underway that could potentially transform digital asset trading within the United States. Lawmakers are pushing forward a bill aimed at providing the long-sought regulatory clarity the cryptocurrency industry has been advocating for years. Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, views the proposed Market Structure Bill as a pivotal moment rather than simply another piece of legislation.
“For the first time, the conversation around cryptocurrency trading includes a national, regulatory framework,” Mulvihill stated. “Other asset classes within the financial sector already benefit from this type of oversight. Cryptocurrency has been the exception,” he explained in an interview with Traders Magazine.
Known as the Market Structure Bill, The Financial Innovation and Technology for the 21st Century Act aims to establish a comprehensive federal system for regulating digital assets.
The proposed legislation provides definitive guidance on whether the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) has authority over specific digital assets. Additionally, it defines key players in the market, such as digital commodity exchanges, custodians, and brokerage services.
Significantly, the bill aims to replace the existing, fragmented state-by-state licensing system with a unified national approach to compliance. On May 22, 2024, the U.S. House of Representatives passed the bill with bipartisan support, representing the first time a dedicated crypto market structure bill has been approved by the full House.
As of 2025, the bill is under review by the Senate, with increasing pressure from industry participants and investors for Congress to finalize a transparent and thorough regulatory structure to prevent additional innovation and capital from leaving the country.
Mulvihill, who has actively contributed to the formulation of the bill, believes it’s a vital step in aligning digital assets with traditional finance standards, without stifling the innovation characteristic of the crypto sphere. “The cryptocurrency market, like most markets, began without regulation,” he said.
“This led the industry to rely on state-level Money Transmitter Licenses (MTLs), which were never designed for this specific purpose. This created a disorganised system that forced companies to adopt vertically integrated business models, even if they weren’t suitable,” he explained.
The Market Structure Bill is intended to modernize the regulatory landscape by clearly defining the roles of market participants—including custodians, market makers, and digital commodity exchanges—and assigning responsibilities that are appropriate for each role.
“It enables cryptocurrency to be regulated in a manner similar to traditional finance,” Mulvihill noted. “If a company wants a vertically integrated model, that’s fine. However, if they prefer to specialize—as we do at Crossover—they can simply select that option and operate accordingly.”
Mulvihill explained that Crossover’s business model, as an execution-only platform, doesn’t involve handling client funds or acting as a counterparty. This allows the company to concentrate exclusively on performance and infrastructure. “Our CROSSx platform currently executes trades in single-digit microseconds,” he said, “and we have already deployed 1,151 FIX sessions into production. The Digital Commodity Exchange (DCE) rules outlined in the bill allow businesses like ours to expand efficiently without being burdened by capital requirements intended for businesses that manage client funds.”
Mulvihill views the bill’s two-pronged compliance approach as a sensible strategy—offering regulated entities a more straightforward and faster route to entering the market without having to start from scratch. “There should be a very clear way for traditional financial institutions to engage with cryptocurrency, should they choose to do so,” he said. “We want the U.S. to be at the forefront of the global cryptocurrency market, which means making it easier for both established players and crypto-native companies to operate here.”
For years, regulatory uncertainty has pushed liquidity and creativity overseas. Mulvihill believes this bill has the potential to reverse this pattern. “The answer is a definite yes,” he responded when asked if this could restore the U.S. as a global cryptocurrency hub. “We don’t need to create something entirely new—we simply need to adapt the frameworks already used in other asset classes, while acknowledging the unique aspects of cryptocurrency.”
Other regions, such as the EU, are rapidly progressing with comprehensive legislation like MiCA, putting the U.S. at risk of losing its competitive advantage. “Speed is essential because the world is evolving at an incredible pace,” Mulvihill cautioned. “We’re already seeing significant activity developing in other countries, and these trends will be difficult to reverse.”
He also highlighted the potential for the current imbalance between crypto-focused firms and traditional finance companies to worsen if action is not taken. “Currently, it’s easier for crypto companies to gain access to traditional financial products than it is for regulated TradFi firms to enter the crypto space,” he said. “This imbalance needs to be addressed. This bill will help eliminate that disparity and encourage fair competition.”
Ultimately, Mulvihill sees the bill as a fundamental piece of infrastructure—not only for companies like his but also for the overall development of the industry. “When companies understand the regulatory framework, they are more likely to invest, build, and scale within the U.S.,” he said. “There are many roles to fill within this market, and it’s a welcome change to finally see these roles clearly defined,” he concluded.