AI Summary
According to Foresight News, the U.S. Senate Banking Committee has announced a set of principles for developing legislation on market structure. These principles were unveiled by Senate Banking Committee Chairman Tim Scott, Subcommittee on Digital Assets Chair Cynthia Lummis, Senator Bill Hagerty, and Senator Thom Tillis. The guidelines are aimed at directing discussions and negotiations with industry participants, legal and academic experts, as well as government stakeholders regarding the legislative text.
The market structure principles emphasize the need for legislation that clearly defines the legal status of digital assets. They advocate for a clear distinction between securities of digital assets and commodities of digital assets in regulation. The principles also suggest taking existing laws into account to ensure predictability, enhanced legal precision, and necessary regulatory certainty.
Furthermore, the principles call for clear jurisdictional certainty among regulatory bodies. They also recognize that not all distributed ledger technologies should fall under the regulation of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).