#USHouseMarketStructureDraft The US House of Representatives has released a discussion draft for a crypto market structure bill, aiming to establish a regulatory framework for digital assets. Here's what you need to know:
*Key Provisions:*
- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control. If a party holds over 10% of the token supply, they must disclose while the network remains centralized.
- *SEC and CFTC Roles*: The Securities and Exchange Commission (SEC) will regulate digital assets considered investment contracts, while the Commodity Futures Trading Commission (CFTC) will oversee digital commodities and spot markets.
- *Investor Access*: The bill removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.
- *Disclosure Requirements*: Digital asset developers must disclose information, and projects must meet certain criteria to be considered decentralized.
- *DeFi Exemptions*: Protocols that are non-custodial and don't exercise discretionary control over users' funds may be exempt from certain regulations.
*Impact:*
- *Regulatory Clarity*: The bill aims to provide much-needed regulatory clarity for the digital asset ecosystem, protecting consumers and fostering innovation.
- *Market Growth*: By removing accredited investor checks and suitability standards, the bill could open up new investment opportunities in crypto assets.
*Next Steps:*
- *Joint Hearing*: The House Agriculture and Financial Services committees will hold a joint hearing to discuss the contents of the draft.
- *Public Feedback*: The draft is open for public comment, and lawmakers will refine and advance the bill based on feedback ¹ ² ³.