#USHouseMarketStructureDraft The US House of Representatives has released a draft bill outlining a regulatory framework for digital assets, known as the Digital Asset Market Structure Discussion Draft. This bill aims to provide clarity on the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital assets ¹.
*Key Provisions:*
- *Decentralization Test*: A project is considered decentralized if no single party has unilateral control, and no party holds more than 10% of the token supply.
- *Regulatory Roles*:
- *SEC*: Oversees digital assets considered investment contracts until decentralization is proven.
- *CFTC*: Regulates digital commodities and their spot markets.
- *Disclosure Requirements*: Developers must disclose token holdings above 1% of the total supply.
- *Investor Access*: Removes wealth and income restrictions for retail investors, allowing broader participation.
- *Stablecoin Definition*: Defines stablecoins without categorizing them as securities, but a separate stablecoin bill faces challenges in the Senate ² ³.
*Goals and Implications:*
- Provide regulatory clarity for digital asset markets
- Foster innovation and protect consumers
- Establish a framework for digital commodity transactions
- Clarify roles of SEC and CFTC in regulating digital assets
The bill is seen as an "incremental, albeit meaningful" step towards establishing a comprehensive regulatory framework for digital assets. A joint hearing on the bill is scheduled to discuss its contents and implications ⁴ ³.