The United States has unveiled a new cryptocurrency market structure bill following the FIT21 Act.
The cryptocurrency community appreciates this draft as a ‘solid start’ and an upgrade from previous legislation.
On May 5, the U.S. House Financial Services Committee introduced a discussion draft that could become a new cryptocurrency market structure bill if passed.
This draft attempts to clarify some issues raised by the SEC's (Securities and Exchange Commission) enforcement actions under Biden.
For example, the draft specifies that the sale of digital goods is not considered a security if the buyer does not have ownership rights in the business, profits, or assets of the issuer.
Source: House Agriculture Committee (Excerpt of the draft).
A ‘solid start’ for cryptocurrency regulation in the United States?
Matthew Sigel, head of digital research at VanEck, praised this draft as an upgrade from FIT21 and a solid start.
Source: X
Notably, the draft also defines stablecoins as not being securities and exempts non-custodial DeFi protocols.
However, the DeFi exemption does not limit regulators' ability to enforce anti-fraud laws, misreporting, or market manipulation.
Source: House Committee
This is the second time the U.S. government has attempted to build a cryptocurrency market structure bill following FIT21 (Financial Innovation and Technology for the 21st Century Act).
In May 2024, the FIT21 bill was passed with strong support from both parties in the House. However, the U.S. Senate has not approved it at this time.
The bill promises to protect consumers and national security.
Justin Slaughter, Vice President in charge of legal affairs at Paradigm, stated that the new cryptocurrency market structure draft will make the CFTC (Commodity Futures Trading Commission) the key regulatory agency in this space.
This bill will make the CFTC the key cryptocurrency regulatory agency, while still retaining authority for the SEC until a network achieves decentralization.
The next step for this draft is to receive feedback from stakeholders before it is officially introduced in the House of Representatives.
Then, the House committee will review and vote if approved. The Senate's decision and the president's action will follow before the bill becomes law.
Therefore, there may be many changes before this happens.
Source: https://tintucbitcoin.com/du-luat-tien-dien-tu-moi-gay-chan-dong-tu-uy-ban-ha-vien/
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