#USHouseMarketStructureDraft

Key Provisions of the Draft Bill

Regulatory Clarity: The bill seeks to delineate the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets.

Decentralization Criteria: It proposes a process for determining when a digital asset is sufficiently decentralized to be considered a commodity, thereby falling under CFTC jurisdiction.

Legacy Assets: The legislation includes provisions to assess the legal status of blockchain networks launched prior to the bill's enactment.

Political Response

The draft has sparked partisan debate. Democrats, led by Rep. Maxine Waters, have raised concerns about the bill's implications and the lack of bipartisan consensus. They plan to block a joint hearing on the draft and are considering alternative discussions to address potential conflicts of interest, particularly regarding former President Trump's involvement in the crypto industry.