The draft bill #USHouseMarketStructureDraft presented by key committees of the U.S. House of Representatives seeks to establish a clear and structured regulatory framework for digital assets in the country.

Key points of the draft

Defines clear roles for the SEC and the CFTC: the SEC would oversee digital assets considered securities, especially if they are centralized (more than 10% of tokens under single control), while the CFTC would regulate digital commodities and their spot markets.

Introduces tests for decentralization and blockchain maturity to determine when a project transitions from being a security to a commodity, facilitating regulatory transition as the project evolves.

Eliminates wealth restrictions for retail investors, opening access to digital asset markets without prior accreditation requirements.

Establishes public disclosure requirements for crypto projects, including the obligation to disclose holdings exceeding 1% of the total tokens.

Protects non-custodial DeFi protocols and encourages self-management of funds without excessive regulatory interference.

Proposes registration processes for exchanges and issuers under the joint oversight of the SEC and CFTC, seeking greater transparency and security for consumers and investors.