United States of America: Published Digital Asset Market Structure Discussion Draft

On 2 June 2023, the United States House Committee on Financial Services and the House Committee on Agriculture released a draft proposal for a potential classification of certain crypto assets as digital commodities. The draft aims to prevent the US Securities and Exchange Commission (SEC) from denying registration to digital asset trading platforms seeking regulation as a regulated alternative trading system. It also seeks to enable these platforms to offer "digital commodities and payment stablecoins". The draft specifically addresses concerns raised by the crypto community regarding the lack of clear regulatory guidelines from the SEC. Under the proposed framework, digital assets could qualify as digital commodities if they are deemed "functional and considered decentralized". The draft further mandates the SEC to provide a thorough analysis when objecting to a firm's classification as decentralised.