#USHouseMarketStructureDraft
The US House Market Structure Draft is a discussion draft released by House Committee on Financial Services Chairman French Hill, House Committee on Agriculture Chairman G.T. Thompson, House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil, and House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson. This draft aims to establish a regulatory framework for digital assets in the United States. Here are some key details:
Key Provisions
- *Regulatory Framework*: The draft outlines a more distinct separation of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC will regulate digital assets considered investment contracts, while the CFTC will oversee digital commodities and their spot markets.
- *Decentralization Test*: A clear decentralization test is included, where a project must not be under unilateral control by any single party. If any party holds more than 10% of the token supply, they must disclose while the network remains centralized.
- *Investor Access: The draft removes wealth and income restrictions for retail investors, opening the market to a wider public. This shift eliminates accredited investor checks and suitability standards that were seen as barriers to broader participation.
- *Disclosure Requirements: Digital asset developers will be required to disclose certain information.
- *Self-Custody Right: The draft bill seeks to establish a right to self-custody crypto.
- *Consumer Protections*: New consumer protections will be introduced, and state-level rulemaking for digital assets will be established.
Goals and Expectations
- *Regulatory Clarity*: The draft aims to provide much-needed regulatory clarity for the digital asset ecosystem, protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States.
