#USHouseMarketStructureDraft

The US House Market Structure Draft is a proposed bill aimed at establishing a regulatory framework for digital assets in the United States. Introduced by Chairmen French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson, the draft outlines clear roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets ¹.

*Key Provisions:*

- *SEC Oversight*: The SEC will regulate digital assets considered investment contracts, while the CFTC will oversee digital commodities and their spot markets.

- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control, and if any party holds more than 10% of the token supply, they must disclose.

- *Investor Access*: The draft removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.

- *Stablecoin Definition*: Stablecoins are defined without being categorized as securities, but a separate stablecoin bill has encountered resistance in the Senate.

*Implications:*

- *Regulatory Clarity*: The draft provides much-needed regulatory clarity for the digital asset ecosystem, protecting consumers and safeguarding market integrity.

- *Market Growth*: By establishing clear rules, the bill aims to foster innovation, facilitate capital formation, and maintain fair, efficient, and orderly markets.

- *Industry Impact*: The draft's provisions could boost liquidity and compliance in secondary markets, potentially leading to increased adoption and growth in the digital asset space ².