🇺🇸Senate Banking Committee Chairman Tim Scott has released the final text of the bipartisan crypto market structure bill. The bill, to be considered in the Senate this week, aims to provide long-awaited clarity on crypto regulation in the US.
Key points 👇🏻
▪️Clarifying the SEC-CFTC distinction:
The “Digital Asset Market Clarity Act” leaves securities under the SEC and digital commodities under the CFTC.
▪️Defining the security-commodity distinction for crypto assets:
A path is being opened for decentralized network tokens to move away from the “security” status.
→ Uncertainty regarding listing, liquidity, and long-term capital access is reduced.
▪️Legal framework for staking and airdrops:
Automatic and regulated staking rewards and airdrops are no longer considered securities by default.
▪️The stablecoin framework is becoming clearer:
Payment stablecoins are defined and gain legal status.
Interest charges are prohibited on payment stablecoins.
▪️Developer and user protection is strengthened:
Writing open-source code or providing infrastructure is not subject to regulation as long as user funds are not controlled.
The right to self-custody is explicitly guaranteed.
▪️Restrictions on CBDCs:
Restrictions are placed on the use of central bank digital currencies (CBDCs) as a monetary policy tool.
#USGovernment #SECCryptoAccounting