According to PANews, Republican members of the U.S. House of Representatives have proposed the Digital Asset Market Clarity Act, granting the CFTC primary regulatory authority over the spot market for digital commodities. The bill requires crypto platforms to choose to register with either the CFTC or SEC based on the type of assets traded.
The core contents of the bill include: allowing crypto platforms to obtain temporary registration with the CFTC; excluding certain DeFi projects and wallet providers from SEC regulation; prohibiting custodial institutions from listing client assets on their own balance sheets; and clarifying that payment stablecoins do not fall under the category of securities.
The bill also requires the three major regulatory agencies to complete research on DeFi regulation within one year and authorizes the Government Accountability Office to submit a research report on DeFi and NFTs. If the bill is enacted, the relevant agencies will have one year to implement market structure rules.