New U.S. House Draft Clarifies Digital Commodity Transactions
As shared by Forbes’ Eleanor Terrett, a new draft discussion in the U.S Congress aims to delineate the bounds of digital commodity transactions. According to Odaily, the draft does mention, however, on page 49 that monetary exchanges concerning the sale of digital commodities is not regarded as a security transaction unless transfer of rights in the business, profits, or assets is conferred in some way. In other words, mere transfer of ownership or claim on a company’s revenue or assets will not trigger US securities law, thus avoiding defining the transaction as taking place with the issuer.