A new draft of cryptocurrency market structure legislation in the House aims to remove SEC oversight over most major crypto assets. The bill proposes amending existing securities laws to exclude digital assets meeting specific criteria from the SEC's purview. It seeks to redefine 'digital commodities' and transfer regulatory authority for secondary market trading of these assets from the SEC to the CFTC. The bill characterizes a 'mature blockchain system' and stipulates that assets certified as such can exempt secondary trading from SEC regulation. Notably, many popular tokens like Ethereum, Solana, and XRP may qualify as digital commodities under this framework. There remains a debate over XRP's status due to Ripple's control of over 20% of its supply. The bill could also allow certain tokens issued before the legislation to be exempt on a case-by-case basis. Tensions arise as Democrats express dissatisfaction with the bill's provisions ahead of a contentious committee meeting set for Tuesday.

Source 🔗