#USHouseMarketStructureDraft

According to recent news, this draft was jointly published by the House Financial Services Committee and the Agriculture Committee on May 5, 2025. Its main objectives include:

* Providing regulatory clarity for cryptocurrencies and other digital assets.

* Protecting consumers in this evolving market.

* Promoting innovation within the digital asset space.

* Strengthening U.S. leadership in the global financial system.

Key aspects and potential implications of this draft include:

* Definition of Digital Commodities: The draft seeks to clarify when a digital asset should be classified as a commodity (potentially under the jurisdiction of the Commodity Futures Trading Commission - CFTC) versus a security (typically under the jurisdiction of the Securities and Exchange Commission - SEC). It suggests that transactions involving the sale of digital commodities in the secondary market would not automatically be classified as securities unless they confer ownership rights or participation in the issuer's profits.

* Decentralization Test: The draft includes a "decentralization test." If no single entity has unilateral control over a digital commodity, it could be classified as decentralized. Projects that do not meet this criterion would face scrutiny, and holders of more than 10% would need to be disclosed while the project remains centralized.

* Disclosure Requirements: The draft may include disclosure requirements for members of crypto projects that hold more than 1% of the total token supply.

* Stablecoins: The draft defines stablecoins without categorizing them as securities, providing more clarity for these assets.