#USHouseMarketStructureDraft The US market structure draft for digital assets is a proposed bill aimed at providing regulatory clarity and fostering innovation in the digital asset ecosystem. Here's a breakdown of the key provisions ¹ ²:

- *Regulatory Framework*: The bill proposes a functional framework for digital asset regulation, drawing on existing legal frameworks and standards rather than creating a new regime specifically for cryptoassets.

- *Jurisdiction*: The Commodity Futures Trading Commission (CFTC) would have exclusive regulatory jurisdiction over digital commodity spot markets, while the Securities and Exchange Commission (SEC) would maintain authority over digital assets offered as part of an investment contract (i.e., securities).

- *Key Provisions*:

- *Digital Commodity Exchanges*: A new regulatory regime for digital commodity exchanges (DCEs) would be established, subject to core principles analogous to those imposed on existing designated contract markets and swap execution facilities.

- *Decentralization*: Token issuers can petition for their restricted digital assets to be considered commodities if the issuer certifies that the network is functional and decentralized, and the SEC does not object.

- *Stablecoins*: Payment stablecoins are excluded from the definition of digital commodities but would still be regulated by the CFTC when transacted on a CFTC-registered entity.

- *Consumer Protection*: Customer protection obligations would be imposed on entities registering with the CFTC or SEC, including rules on transparency, disclosure, and segregation of customer assets.

- *Joint Regulatory Efforts*: The SEC and CFTC would engage in joint rulemakings, establish a joint Advisory Committee on Digital Assets, and conduct joint studies on decentralized finance (DeFi) and non-fungible tokens (NFTs).

The proposed bill aims to strike a balance between consumer protection and encouraging responsible innovation in the digital asset ecosystem.