New House Market Structure Bill Would End SEC Oversight of Crypto's Top Coins
The House Financial Services Committee released a discussion draft of crypto market structure legislation that amends U.S. securities laws to exempt most top digital assets from SEC oversight. The bill defines "digital commodities" and excludes them from the definition of securities, thus removing them from SEC regulation. Secondary market trading of these digital commodities is also exempt if certified by the SEC as originating from a "mature blockchain system." A mature blockchain system is defined by criteria including open-source access, public use, and decentralized control. Popular tokens like Ethereum, Solana, XRP, BNB, and Cardano likely qualify as digital commodities. However, tokens like XRP may face regulatory scrutiny due to Ripple's control over its supply. The bill allows for case-by-case exemptions for tokens issued before its passage. A crypto-focused committee meeting is scheduled, with Democrats planning to protest by walking out over disagreements regarding presidential participation in crypto ventures.
