The U.S. House of Representatives publishes a landmark bill on the structure of the digital market
🚨 A crucial bill proposes the most comprehensive digital asset legislation to date, redefining how the U.S. regulates cryptocurrency markets:
🔍 Clear regulatory gap
• The CFTC oversees digital products (e.g., decentralized tokens without ownership rights).
• The SEC regulates digital securities (e.g., tokens that grant rights to profits/participation).
• "Emerging digital assets" receive a third classification for unique cases.
⚖️ Reinterpretation of token sales
Investment contracts *do not* automatically convert the underlying digital assets into securities; this clarity is well received by Web3 innovators.
🏛️ Compliance mandates
Exchanges, brokers, and custodians must register and disclose detailed information about risks and assets to promote transparency and trust.
💵 Oversight of Stablecoins
• Payment stablecoins must be issued by regulated banks/trusts.
• Algorithmic stablecoins are prohibited unless granted a specific exemption.
🌐 Support for DeFi and Innovation
• A study on DeFi is required to assess systemic impact.
• An "Innovation Sandbox" is created for startups to experiment with more flexible regulation.
🔐 Protected Self-Custody
U.S. users retain the legal right to hold and transact with digital assets through self-custody wallets.
🧩 Definition of Decentralization
For assets to escape SEC oversight:
• No group/entity can control more than 20% of the supply or governance.
• Development and governance must be public, participatory, and not depend on a single promoter.
This draft seeks to set a global precedent by balancing investor protection, technological neutrality, and market innovation.