The proposed bill aims to address the industry's demands by allowing regulated crypto firms to trade digital securities, commodities, and stablecoins in a single platform.
U.S. House Republicans Propose New Crypto Asset Rules
Draft legislation proposed by Republican chairs of key committees in the U.S. House of Representatives seeks to establish oversight for the digital assets sector and provide a path for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC). The proposed bill aims to address the industry's demands by allowing regulated crypto firms to trade digital securities, commodities, and stablecoins in a single platform. While the draft bill has not garnered Democratic support yet, it acknowledges the SEC's continued authority to determine which assets fall under its jurisdiction. The legislation also suggests that existing crypto assets would be exempt from enforcement actions while regulators work on establishing new rules and regulations.
The proposed legislation not only addresses the distinction between commodities and securities but also introduces the concept of a digital commodity exchange regulated by the U.S. Commodity Futures Trading Commission (CFTC). This new category of registered businesses would facilitate trading of certified crypto commodities while adhering to the CFTC's regulatory protections and measures against market manipulation. The bill reflects ongoing efforts to modernize crypto-specific oversight and foster dialogue between Republicans and Democrats, with hopes of finding common ground and shaping comprehensive regulation in the sector. However, the bill's fate in the Senate, particularly with regard to the stance of Senator Sherrod Brown, chairman of the Senate Banking Committee, remains uncertain.