The most recent digital access legislation has arrived in the United States: House of Representatives passed Clarity lawwhich focuses on clarifying the structure of digital asset markets and the responsible supervisory authorities.
This week Published A request for information and discussion draft new legislation on digital asset market structure, as the said “is based on” the concepts established in the Conservation Act.
“Too long, outdated laws and uncertainty about legislation on the market structure for digital access has prevented US innovation and left consumers without sufficient protection,” mentioned Senator Bill Hagerty (R-TN), member of the Senate Bank Committee.
“This draft draft shows a strong commitment to unlocking the full potential of the digital asset economy by delivering responsible legislation that reflects input from stakeholders, promoting innovation, establishing consistent railings and ensures that the United States remains a global leader in digital assets.”
Although the new draft draft contains new provisions, it is strongly based on the Conservation Act adopted by the Chamber last week.
For how many long -term questions it intends to answer, the Clarity Act has the potential to be an extremely significant legislation.
For example, it contains provisions that would protect digital assets Originally sold under investment contracts – a form of regulated securities and to which the famous Howey test addressed – from being considered to be investment contracts from the association.
It also exempts secondary dividends of digital assets – the sale of the availability of someone who is not the issuer – will also be exempt from being considered an investment contract.
It also confronts Securities and Exchange Commission (SEC) VS Commodity Futures Trading Commission (CFTC) Regulation war. SEC is granted additional jurisdiction of specific forms of digital assets, such as “permitted payment stablecoins” as defined Genius. The SEC is given an authority to prevent fraud, manipulation and insider trading in the Stablecoin context. However, CFTC retains an authority over StableCoin transactions that occur on a CFTC-registered platform.
This allows devices to be registered dual with both SEC and CFTC. It puts Onus on Sec to issue rules that protect double registered units from “duplicative, contradictory or unnecessarily burdensome” obligations that can arise as a result.
On the other hand it gives CFTC primarily regulatory responsibility above place digital goods. Devices that offer location digital goods must register with CFTC as a digital commodity broker, a digital commodity trader or a digital raw material exchange. Each time a regulated unit wants to offer a new digital asset goods, it must certify to CFTC that the asset meets any applicable rules and includes an analysis of whether the asset meets the CFTC standards. Without explicit dissatisfaction, the list automatically comes into force 20 working days after the certification has been submitted.
It also creates a new category of regulated unit called “qualified digital assets.” These would be units that hold digital assets on behalf of action -registered persons or units. CFTC is responsible for creating rules for QDACs, including those relating to licensing, registration and capital requirements.
The Senate is looking for feedback
The Clarity Act will then be reviewed by the Senate, where the draft draft comes into the picture. The draft draft is run with very similar rows as the document that has passed in the house, although there are some differences. The Senate draft refers to assets in connection with investment contracts such as “associated assets” and provides a mechanism for issuers to self -certify that these associated do not provide additional rights.
In addition to the proposal for legislation, the Senate issued a call for feedback and pointed out issues that may be educational regarding the strategy that the Banking Committee is trying to take.
In the request-for-information released yesterday, the Senate Bank Committee said it is particularly interested in feedback if the new legislation strikes the right balance between CFTC and Sec with regard to how supervisory responsibility is distributed.
Notable also asking it explicitly whether the legislation should be trusted Howey test– A long -term legal test to determine whether an asset offered is an investment contract and therefore a security – in cases of digital assets.
It also contains some of the latent suspicion of SEC’s strategy for digital assets circulating through the digital asset industry, which has particularly caught fire since President Donald Trump took office. For example: “Should Congress go through other terms within the existing definition of security, such as Note, to meet digital assets and to prevent a later SEC unduly interpreting these terms?”
It also suggests that the allocation of responsibility between SEC and CFTC is far from settled and asks for feedback if the market players should be able to choose whether they are subject to SEC or CFTC jurisdiction. The last material article at the request for feedback even proposes a potential self -regulating organization “with the participation of SEC and CFTC” to “encourage better cooperation between SEC and CFTC regarding digital asset regulation.”
The answers to the Senate’s questions are due to August 5.
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