#USHouseMarketStructureDraft

The US House of Representatives has released a discussion draft for a crypto market structure bill, aiming to establish a regulatory framework for digital assets. Here's what's included:

## Key Provisions

- *Regulatory Roles*: The Securities and Exchange Commission (SEC) will oversee digital assets considered investment contracts, while the Commodity Futures Trading Commission (CFTC) will regulate digital commodities and spot markets.

- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control, and if any party holds more than 10% of the token supply, they must disclose this information while the network remains centralized.

- *Investor Access*: The bill removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.

- *Stablecoin Definition*: Stablecoins are defined under the draft bill without being categorized as securities, but a separate stablecoin bill has faced resistance in the Senate.

## Implications

- *Clearer Regulations*: The draft aims to provide regulatory clarity for the digital asset ecosystem, protecting consumers and fostering innovation.

- *CFTC Dominance*: The bill would make the CFTC the dominant crypto regulator, although the SEC would retain jurisdiction until decentralization is proven.

- *Industry Feedback*: The House committees are seeking