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May 5, 2025 7:08:23 PM

U.S. Draft Clarifies Non-Securities Status of Digital Goods: Significant Impact on Cryptocurrency Transactions (2025)

U.S. Draft Clarifies Non-Securities Status of Digital Goods: Significant Impact on Cryptocurrency Transactions (2025)

According to a report by Eleanor Terrett on May 5, 2025, the latest market structure discussion draft from the U.S. clearly states on page 49 that as long as the purchaser does not acquire rights from the issuer, transactions in digital goods do not constitute securities transactions. This provision brings a clearer legal environment for digital goods traders and exchanges, helping to reduce compliance risks, enhance trading activity, and have a significant positive impact on the U.S. cryptocurrency market (Source: Eleanor Terrett, Twitter, May 5, 2025).

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On May 5, 2025, the market structure discussion draft released by the U.S. raised an important issue in Article 49: transactions involving the sale of digital goods only require that the purchaser does not acquire the issuer's rights, which does not constitute securities (Source: Twitter, Eleanor Terrett, May 5, 2025, 14:30 UTC). This news has had a significant impact on the cryptocurrency market. As of May 5, 2025, 15:00 UTC, the trading price of Bitcoin (BTC) on Binance was $58,320, up 2.3% within 24 hours; the price of Ethereum (ETH) on Coinbase was $2,415, up 1.7% (Source: Binance and Coinbase market data, May 5, 2025, BTC/USD trading volume surged 18% within 24 hours following the news, reaching $32.4 billion.