The US is seeing some pretty exceptional changes in the financial system these days. Check out the latest reports about this below.
US sees changes in the financial system
A new bill has been presented by US lawmakers with the goal of providing regulatory clarity to the cryptocurrency markets.
The House Committee on Financial Services and House Committee on Agriculture have introduced the “Digital Asset Market Structure Draft” proposal. Its purpose is to establish a legal framework that addresses existing regulatory gaps in the industry and benefits all parties involved.
“This functional framework would provide digital asset firms with regulatory certainty and fill the gap that exists between the authorities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).”
The proposed legislation aims to provide clear guidelines on the oversight of digital assets by resolving any potential conflicts between the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). This is crucial in regulating the emerging industry.
“The Digital Asset Market Structure Discussion Draft (Discussion Draft) provides the CFTC with jurisdiction over digital commodities and clarifies the SEC’s jurisdiction over digital assets offered as part of an investment contract.”
The draft bill also aims to bring clarity on whether a certain crypto asset is a security or a commodity, as the online publication the Daily Hodl notes.
Based on the information presented in the document, a crypto asset may be classified as a digital commodity provided that the issuer can demonstrate the functionality and decentralization of the project.
“The Act specifies that a digital asset can be considered a digital commodity if certain conditions are met. This would be determined by the network being functional and considered decentralized.”
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