The new draft from the U.S. House of Representatives represents a **significant advance** in defining the legal framework for *digital commodities*. By specifying that secondary transactions are not automatically classified as securities (unless they grant rights over a business or its profits), it provides:
✅ **Legal certainty**: Better distinguishes between *commodity* assets (like Bitcoin) and tokenized securities, reducing ambiguities for exchanges and investors.
✅ **Boost to the secondary market**: By not requiring compliance with securities laws in P2P transactions or platforms, it fosters greater liquidity and adoption.
✅ **Protection for the ecosystem**: Prevents excessive regulation of crypto assets that function as mediums of exchange or stores of value.
This balanced approach could serve as a **model for other jurisdictions**, demonstrating that it is possible to regulate without stifling innovation. However, the challenge will be to apply these criteria consistently, especially in edge cases.
🔮 *The future of crypto in the U.S. seems to be heading towards a clearer framework, but there is still work to be done to harmonize it with global standards.*
