The US House of Representatives has introduced a bill to regulate digital assets.
According to the document, the SEC and CFTC will clearly delineate their oversight powers over the market.
The bill also legalizes token sales.
Republican members of the US House of Representatives have introduced a bill to regulate the digital asset industry. The document defines the powers of the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). In particular:
SEC will be responsible for capital raising, token sales, and public offerings of assets that have characteristics of securities;
CFTC - for the turnover of digital commodities on exchanges, as well as oversight of brokers and trading platforms.
The draft law also establishes disclosure requirements and describes the process for registering exchanges. Additionally, it provides for the creation of a transparent registration system for companies in the field of digital commodities.
Until the full launch of the licensing system, participants will be able to operate by submitting a preliminary notice of intent to register. Regulators will also require information about the types of assets, sources of funding, purposes of raising funds, and methods of storing users' assets.
Republican Representative in the House Financial Services Committee French Hill stated:
"We have made significant progress in the 118th Congress, forming bipartisan and bicameral consensus on creating an effective regulatory system for digital assets. The current draft under discussion continues this work, providing the necessary legal clarity for the digital asset ecosystem, enhancing consumer protection, and strengthening the long-term stability of digital markets in the US."
The protection of the self-custody mechanism is also enshrined in the law. No entity will have the right to prohibit users from self-custodying digital assets in their wallets. Additionally, offices of innovation are planned to be established based on the SEC and CFTC.