#USHouseMarketStructureDraft Main provisions of the project

• Clarification of SEC and CFTC jurisdictions: The project defines the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. The SEC will regulate assets considered investment contracts, while the CFTC will have authority over digital commodities and related spot markets.

• Decentralization test: For a digital asset to be considered decentralized and not subject to SEC regulations, no entity should hold more than 10% of the total token supply.

• Expanded access for retail investors: The project removes wealth and income requirements for retail investors, allowing a broader public to participate in digital asset markets.

• Clarification of secondary transactions: Transactions involving digital commodities in the secondary market will not be considered securities, provided they do not confer ownership rights or profit within the issuing entity.