The recent draft of the law on the structure of the cryptocurrency market, presented by the House Financial Services and Agriculture Committees of the U.S. House of Representatives, represents a significant step towards the regulation of digital assets in an environment that has, until now, been a gray area in legal terms. This project, which seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), has merits but also raises concerns.
On one hand, it is positive that the draft attempts to establish a clear line between digital assets considered securities (under the supervision of the SEC) and those classified as commodities (regulated by the CFTC). The inclusion of a "decentralization test" — which determines if a project is under unilateral control if an entity holds more than 10% of the tokens — provides a practical criterion for differentiating between centralized and mature networks. This could reduce uncertainty for developers and foster innovation by allowing blockchains to evolve without the constant fear of regulatory penalties. Furthermore, the removal of wealth restrictions for retail investors democratizes access to the crypto market, which could boost mass adoption and empower small investors.
However, there are concerning aspects. The resistance in the Senate to a separate bill on stablecoins, with figures like Chuck Schumer expressing concerns about issuers like Tether, suggests that the path to comprehensive regulation will be bumpy. The lack of consensus between Democrats and Republicans could dilute the impact of this draft or delay its implementation. Additionally, although the draft seeks clarity, the dual oversight between the SEC and the CFTC could generate jurisdictional conflicts if the terms and processes are not precisely defined. For example, the transition of an asset from "security" to "commodity" is not free from ambiguities, which could lead to prolonged litigation.
In conclusion, this draft is a necessary advance for a sector that cries out for clear rules, but its success will depend on Congress's ability to overcome partisan divisions and the precision with which its provisions are implemented. Without a balanced approach, we risk stifling innovation or leaving gaps that malicious actors could exploit. It is crucial for lawmakers to listen to market participants and consumers to ensure that regulation promotes both safety and growth.