US Market Structure

Definition ∞ US market structure refers to the organizational and operational framework of financial markets within the United States, encompassing exchanges, trading venues, clearinghouses, and regulatory bodies. For digital assets, this involves how cryptocurrencies are traded, settled, and overseen by various federal and state authorities. It defines the rules and systems that govern market participants and activities. This structure dictates market efficiency and fairness.
Context ∞ The state of the US market structure for digital assets is currently fragmented and lacks a unified regulatory approach, leading to significant uncertainty. A key debate involves which existing regulatory agencies have jurisdiction over different digital asset activities and whether new legislation is required. A critical future development to watch for is legislative action or clearer guidance from bodies like the SEC and CFTC that aims to establish a comprehensive and consistent market structure for digital assets, promoting both innovation and investor protection.