#USHouseMarketStructureDraft
The US House Market Structure Draft refers to a discussion draft released by Chairmen Patrick McHenry and Glenn Thompson of the House Financial Services and Agriculture Committees, respectively. This draft proposes a statutory framework for digital asset regulation, aiming to provide clarity, fill regulatory gaps, and foster innovation while ensuring consumer protection.
*Key Provisions:*
- *Regulatory Framework*: The draft outlines a joint effort between the House Financial Services and Agriculture Committees to establish a viable regulatory framework for digital assets, protecting consumers and promoting American innovation.
- *Decentralization Test*: The draft defines a decentralized network as one where no person can unilaterally control, materially change, or restrict general users' access. This test determines whether a digital asset is a security or commodity.
- *Digital Commodities*: Digital commodities are subject to CFTC jurisdiction, while restricted digital assets fall under SEC jurisdiction. The draft outlines a certification process for determining decentralization.
- *Consumer Protections*: The bill includes provisions for consumer protection, such as disclosure requirements, anti-fraud protections, and custody rules.
*Legislative Progress:*
- *Introduction*: The Digital Asset Market Structure and Investor Protection Act was introduced to provide regulatory clarity for digital assets.
- *Committee Review*: The bill has passed out of both the House Financial Services and Agriculture Committees with bipartisan support.
- *Potential Vote*: The House is expected to vote on the bill, which could mark a significant milestone in establishing a comprehensive US regulatory framework for digital asset markets.
*Implications:*
- *Regulatory Clarity*: The draft aims to provide clarity on digital asset regulation, potentially boosting innovation and competitiveness in the US digital asset market.