$BTC The US House Market Structure Draft refers to a discussion draft released by the House Committee on Agriculture and the House Committee on Financial Services on May 5, 2025. This draft aims to establish a regulatory framework for digital assets in the United States. Here's what you need to know:
*Key Provisions:*
- *Regulatory Clarity*: The draft provides clarity on the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital assets. The SEC will oversee digital assets considered securities, while the CFTC will regulate digital commodities and spot markets.
- *Decentralization Test*: A clear decentralization test is included, where a project is considered decentralized if no single party has unilateral control, and no party holds more than 10% of the token supply.
- *Investor Access*: The draft removes wealth and income restrictions for retail investors, allowing broader access to digital asset markets.
- *Stablecoin Definitions*: Stablecoins are defined without being categorized as securities, but a separate stablecoin bill has faced resistance in the Senate.
*Goals and Implications:*
- *Consumer Protection*: The draft aims to protect consumers while fostering innovation and closing regulatory gaps.
- *US Leadership*: The bill seeks to maintain the United States' leadership in financial innovation and global competition.
- *Regulatory Framework*: The framework would bring existing consumer and investor protections to digital asset-related activities and intermediaries under the principle of "same risk, same regulation.
*Next Steps:*
- *Public Feedback*: The draft is open for public feedback, and a joint hearing titled "American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century" was scheduled to discuss the contents of the draft.
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