The latest legislative bill in the U.S. House of Representatives could radically change the rules of the game for the crypto market.
It concerns a clear delineation: if a digital asset does not grant the buyer rights to profits, assets, or management — it is not a security. Simply put: secondary trading of tokens without "promises of profit" does not fall under the jurisdiction of the SEC.
This could become a long-awaited breakthrough:
— Legitimization of most transactions on exchanges.
— Less legal risk for investors and developers.
— More transparent rules between the SEC and CFTC.
But there is a nuance: for now, this is just a draft. Its political future is uncertain, and the debate over the boundaries of regulators' powers is still ahead.
My assessment: this is a step in the right direction. If passed — the U.S. will make an important leap in forming a clear jurisdiction for digital assets. But as always — the devil is in the details and politics.