The United States Senate is advancing in its effort to prepare rules and regulations for the vast majority of the cryptographic market, launching a draft discussion of a market structure bill that most clearly defines some of the frameworks that legislators are contemplating.
The 35 -page draft published on Tuesday formulates new definitions for digital assets that are not values, and addresses the Bag and Securities Commission to participate in the regulations around these assets that would exempt them from them already their issuance of the existing regulations. Later, the bill addresses the SEC and the Trade Commission for Basic Products to participate in joint regulations around certain aspects of cryptographic market activity, such as the portfolio margin.
The draft follows the introduction of the principles of the Senate Banking Committee last month that President Tim Scott said “would serve as an important baseline” for the bill. It focuses largely on the SEC, instead of the CFTC, which mainly directs it to participate in the regulations around auxiliary assets and dissemination requirements.
As presented, it defines an “auxiliary asset” as a digital asset sold “in relation to the purchase and sale of security through an agreement that constitutes an investment contract”, although the auxiliary asset itself would not grant any financial right to its owner.
By creating this definition, the bill is already diverging from the Chamber’s clarity law, which was approved with a mass bipartisan vote last week, but does not define an “auxiliary asset” or is based on that definition of the way in which it is the Senate’s bill.
The bill would also allow a issuer to self -finish that its auxiliary asset does not provide any right that may regular security. It also allows the SEC 60 days to reject self -ocertification if you check the asset and discover that it looks like security.
“My colleagues and I in the Chamber and the Senate shared the same goal: to provide clear road rules for digital assets that protect investors, encourage innovation and maintain the future of digital finances anchored in the United States,” Scott said in a statement.
“I am grateful for the arduous work of our Chamber’s homologues to develop intelligent and bipartisan legislation, and I hope to take advantage of their work here in the Senate. Working with President Trump, we can offer a comprehensive and bipartisan regulatory framework for digital assets.”
Senator Cynthia Lummis, who directs the digital asset subcommittee, said in a similar way: “The market structure legislation will establish clear distinctions between the values and products of digital assets, modernize our regulatory framework and position the United States as the global leader in the innovation of digital assets.”
Legislators also published several dozen questions so that the general public answers, requesting information on various aspects of the bill, including the way in which the legislation must rely on the discussion of the draft of the “auxiliary assets”, if that definition is useful, what information emitters need to reveal and how intermediaries should be treated.
Legislators seek answers for August 5, giving industry participants and another two weeks to intervene.
