{"id":17339,"date":"2023-06-02T14:38:47","date_gmt":"2023-06-02T18:38:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/house-republican-leaders-release-discussion-draft-to-draw-clear-lines-on-digital-asset-definitions\/"},"modified":"2023-06-02T14:38:48","modified_gmt":"2023-06-02T18:38:48","slug":"house-republican-leaders-release-discussion-draft-to-draw-clear-lines-on-digital-asset-definitions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17339","title":{"rendered":"House Republican Leaders Release Discussion Draft To Draw Clear Lines on Digital Asset Definitions"},"content":{"rendered":"<div>\n<p>Republican lawmakers teamed up in the US House Financial Services Committee and the House Agriculture Committee on a discussion draft to regulate digital assets.<\/p>\n<p>The legislation, released on Friday, seeks clarity on when a digital asset would be considered a security and thereby regulated by the Securities and Exchange Commission, while creating a process on how digital assets are treated and how intermediaries can register with the SEC or Commodity Futures Trading Commission.<\/p>\n<p>At the end of the last Congress, both House Financial Services Chair Patrick T. McHenry of North Carolina and House Agriculture Chair Glenn \u201cGT\u201d Thompson of Pennsylvania, wanted to find a path forward together, according to senior policy people familiar with drafting the legislation.\u00a0<\/p>\n<h2>What the legislation would do<\/h2>\n<p>The draft legislation, called the Digital Asset Market Structure Discussion Draft, would create a framework that would give the CFTC jurisdiction over digital commodities, while clarifying the SEC\u2019s jurisdiction over \u201cdigital assets offered as part of an investment contract.\u201d\u00a0<\/p>\n<p>The legislation would require the SEC and CFTC to work together on rulemakings regarding certain terms and the oversight of dually registered exchanges.<\/p>\n<p>The legislation also creates a framework for when certain digital assets would become decentralized and therefore a commodity under the CFTC, and no longer be under the SEC\u2019s jurisdiction.<\/p>\n<p>However, the SEC can object and provide a detailed analysis.\u00a0<\/p>\n<p>A new joint CFTC-SEC Advisory Committee on Digital Assets could also be created, under the Act, which would provide advice to the SEC and CFTC on digital assets and require a joint study on decentralized finance.\u00a0<\/p>\n<h2>Reaching across the aisle<\/h2>\n<p>Senior policy officials said lawmakers were looking to find common ground as lawmakers have and plan to introduce their own bills to regulate cryptocurrency.\u00a0<\/p>\n<p>They also said they were hopeful to talk with Rep. Maxine Waters, D-Calif., who used to chair House Financial Services on the legislation.\u00a0<\/p>\n<p>The officials also said the discussion draft was not shared ahead of the announcement on Friday with Democrats.\u00a0<\/p>\n<p>The House Agriculture Committee <u>plans<\/u> to hold a hearing next week on digital assets called the \u201cThe Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets.\u201d<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/house-republican-leaders-release-discussion-draft-draw-clear-lines-digital-asset-definitions.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republican lawmakers teamed up in the US House Financial Services Committee and the House Agriculture Committee on a discussion draft to regulate digital assets. The legislation, released on Friday, seeks clarity on when a digital asset would be considered a security and thereby regulated by the Securities and Exchange Commission, while creating a process on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-17339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>House Republican Leaders Release Discussion Draft To Draw Clear Lines on Digital Asset Definitions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Republican lawmakers teamed up in the US House Financial Services Committee and the House Agriculture Committee on a discussion draft to 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