#USHouseMarketStructureDraft The US House of Representatives has released a draft bill aimed at establishing a regulatory framework for digital assets. Here's what you need to know:
Key Provisions
- *SEC and CFTC Roles*: The bill clarifies the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. The SEC will regulate digital assets considered investment contracts, while the CFTC will oversee digital commodities and their spot markets.
- *Decentralization Test*: A clear decentralization test is included, defining a project as decentralized if no single party has unilateral control. If any party holds more than 10% of the token supply, they must disclose while the network remains centralized.
- *Investor Access*: The bill removes wealth and income restrictions for retail investors, opening the market to a wider public.
- *Market Manipulation Prevention*: The draft outlines requirements for affiliated or related persons involved in digital commodities to prevent market manipulation and ensure fairness.
Impact on the Market
- *Increased Clarity*: The bill provides much-needed regulatory clarity for digital asset markets, fostering innovation and protecting consumers.
- *Global Regulatory Standards*: This legislation could set a precedent for global regulatory standards, ensuring trust and stability in the market.
- *Potential Amendments*: The bill may undergo amendments before a House vote, with potential changes to the proposed framework ¹ ².
Reactions from Lawmakers
- *Chairman French Hill*: "Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem."
- Chairman G.T. Thompson: "Regulatory clarity is long overdue in digital asset markets. Today marks the first step in advancing a comprehensive framework."
- *Chairman Bryan Steil*: "Our discussion draft aims to keep America at the forefront of financial innovation and global competition, while protecting consumers from fraud." ³