The United States Introduces New Regulatory Framework Draft for Digital Assets

Recently, the leaders of major committees in the U.S. House of Representatives jointly released a discussion draft aimed at establishing a comprehensive federal regulatory framework for the U.S. digital asset industry. The draft was jointly proposed by senior members of the Financial Services Committee and the Agriculture Committee, with the goal of coordinating the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and providing clear legal definitions for key concepts in the blockchain and digital asset space.

The chairman of the Financial Services Commission stated that this draft is a further development based on previous work, aimed at protecting consumer rights and consolidating the United States' leading position in the field of digital innovation. The commission plans to widely solicit public opinion and work with the government to advance the implementation of the final bill.

The draft focuses on defining core concepts such as digital goods, blockchain systems, decentralized governance, compliant stablecoins, and mature blockchain systems. Notably, the draft explicitly states that "end-user distribution" conducted through mining, staking, or user rewards does not constitute securities and does not constitute a sale.

The framework establishes a registration pathway for digital asset exchanges, brokers, and dealers under CFTC regulation, while retaining the SEC's jurisdiction over securities and certain hybrid assets. Entities engaged in custody, trade facilitation, or client interaction must adhere to the newly established registration and disclosure procedures.

The draft also provides special protection for decentralized finance ( DeFi ) protocols and self-custody wallets. As long as DeFi trading protocols and messaging systems do not hold or exercise discretion over user funds, they are not required to comply with traditional financial regulations. At the same time, the draft prohibits the Treasury or relevant departments from restricting individuals' ability to use self-custody wallets.

To advance the legislative process, relevant committees have scheduled a hearing themed "The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century," aimed at initiating formal discussions and gathering opinions from various parties. The draft also includes provisions for the SEC and CFTC to jointly formulate rules, as well as content to conduct research on DeFi, NFTs, and blockchain infrastructure by expanding the functions of the federal innovation office.

The goal of this legislative proposal is to eliminate uncertainty in the regulation of digital assets in the United States, while promoting the healthy development and effective regulation of the digital asset market. It marks an important step for the United States in digital asset regulation and is expected to provide clearer guidance and a more stable development environment for industry participants.