$BTC Key Provisions of the Draft Bill

Redefining Regulatory Oversight: .

Classification of Digital Assets: .

Treatment of Existing Blockchain Networks: The legislation includes provisions to assess and determine the legal status of blockchain networks that were launched prior to the enactment of the law, offering a pathway for these networks to comply with the new regulations .

Political Landscape and Reactions

Democratic Opposition: Leading Democrats, including Rep. Maxine Waters, have expressed strong reservations about the draft bill. Concerns center around the potential reduction in consumer protections and the shift in regulatory authority from the SEC to the CFTC. Rep. Waters has indicated plans to block efforts to hold a joint hearing on the bill