A draft bill introduced in the US Senate offers a blueprint for regulating the digital asset marketplace. This legislative effort seeks to resolve jurisdictional uncertainties between federal agencies, potentially unlocking a new phase of growth for the industry.
For years, crypto firms have emphasized the need for a coherent federal regulatory framework. The introduced bill is presented as a solution to the patchwork of regulations that companies must currently navigate.
A significant aspect of the proposal is to create legal definitions for digital tokens. By establishing whether an asset is a security or a commodity, the law would provide the certainty that market participants have demanded.
The legislation designates the US Commodity Futures Trading Commission as the primary regulator for spot crypto asset markets. This move is seen as aligning oversight with the commodity-like nature of many tokens, rather than treating them predominantly as securities under the US Securities and Exchange Commission.
Additionally, the proposal includes a provision to amend the previous year’s stablecoin regulation. This change addresses a specific concern raised by banks regarding their role in the evolving digital asset ecosystem.
