#USHouseMarketStructureDraft The US House of Representatives has released a draft crypto market bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT 21), which aims to establish a regulatory framework for digital assets. Here are the key points

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Regulatory Roles:

SEC: Will regulate digital assets considered investment contracts, overseeing projects that remain centralized with over 10% token control.

CFTC : Will lead oversight of digital commodities and spot markets, regulating decentralized projects.

Decentralization Test : A project is considered decentralized if no single party has unilateral control, and no party holds more than 10% of the token supply without proper disclosure.

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

Stablecoins : Defined under the bill without being categorized as securities, but a separate stablecoin bill faces resistance in the Senate.

DeFi Exemptions: Protocols that are non-custodial and don't exercise discretionary control over users' funds may be exempt.

Tax Treatment: Industry voices are calling for changes in tax treatment, with some advocating for a de minimis exemption for small transactions.

The bill's progress and implications include :

House Vote : The FIT 21 Act is expected to receive a vote on the House floor, marking a significant milestone in establishing a comprehensive US regulatory framework for digital assets.

Senate Challenges : The bill faces an uphill road in the Senate and potential presidential veto if passed.

Industry Impact : Clear regulations could boost consumer confidence, protection, and investment opportunities, while reducing economic activity barriers and global competitiveness issues.