#USHouseMarketStructureDraft

The recent discussion draft on the US House Market Structure concerning digital assets, unveiled on May 5, 2025, by House Republicans, signifies a crucial step towards establishing a comprehensive regulatory framework for the burgeoning digital asset ecosystem within the United States. This draft legislation aims to provide much-needed clarity to market participants, foster innovation, and ensure consumer protection by delineating the responsibilities of key regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). A significant aspect of the draft is its attempt to distinguish between digital assets that should be treated as securities and those that qualify as digital commodities, a distinction that has long been a point of contention and uncertainty in the crypto industry.

One of the key provisions of this discussion draft is the clarification regarding when the sale of a digital commodity constitutes a security transaction. Specifically, the draft stipulates that secondary market sales of digital commodities will not be considered securities transactions unless the purchase grants the buyer an ownership stake, a share in the issuer's profits, or rights to the company's assets.