#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 grant ownership rights or profit-sharing with the issuer.
* Decentralization Test: The draft includes a "decentralization test." If no single entity has unilateral control over a digital commodity, it may 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 who own more than 1% of the total token supply.
* Stablecoins: The draft defines stablecoins without categorizing them as securities, providing more clarity for these assets. $BTC