On May 5, 2025, prominent members of the U.S. House of Representatives unveiled a new legislative draft aimed at regulating the digital asset market, a step considered one of the most significant developments in the regulation of cryptocurrencies in the United States so far.

Key features of the Digital Asset Market Regulation Draft:

1- Defining Regulatory Authority: The draft clearly outlines the jurisdictions of both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC will oversee digital assets that are considered investment contracts, while the CFTC will regulate digital commodities and their spot markets.

2- Decentralization Test: The draft provides a standard to determine whether a digital asset is decentralized, thereby exempting it from being classified as a security. This standard focuses on the extent of control that issuers have over the network, such as the percentage of tokens they own.

3- Removal of Investment Restrictions for Individuals: The draft removes wealth requirements for individual investors, allowing them to access digital asset markets without the need to prove a certain income or wealth.

In conclusion, a joint hearing is scheduled for today, May 6, 2025, between the Financial Services and Agriculture Committees of the House of Representatives to discuss the draft titled "American Innovation and the Future of Digital Assets: A Plan for the 21st Century."