The United States has released a draft regulatory framework for digital assets, clarifying the responsibilities of the SEC and CFTC.

Recently, the U.S. Congress made significant progress on the regulatory framework for Crypto Assets. A discussion draft of a federal framework to regulate the U.S. digital asset industry has been released. This draft was jointly proposed by several Republican lawmakers and aims to coordinate the regulatory responsibilities of the SEC and CFTC, providing legal definitions for key concepts in the Blockchain and digital asset market.

One of the main sponsors of the draft stated that this framework is built on a bipartisan consensus and aims to protect consumer rights while maintaining the United States' leading position in the field of digital innovation. They plan to widely solicit public opinion and work with the government to promote the passage of the final bill.

The legislative draft introduces definitions for several core concepts, including digital goods, blockchain systems, decentralized governance, compliant stablecoins, and mature blockchain systems. Notably, the draft explicitly states that "terminal user allocation" conducted through mining, staking, or user rewards does not constitute securities and does not constitute a sale.

The draft establishes a registration pathway for digital commodity 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 follow new registration and disclosure procedures.

A committee chairman emphasized that this legislation will fill regulatory gaps and provide much-needed certainty for industry participants. Another subcommittee chair believes this marks the beginning of the golden age of digital assets, with the U.S. Congress leading the way.

The draft also protects 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, there is no need to comply with traditional financial regulations. In addition, the draft prohibits relevant authorities from introducing regulations that restrict individuals from holding digital assets through self-custody wallets.

To advance the legislative process, Congress has scheduled a joint hearing titled "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 joint rule-making by the SEC and CFTC, as well as plans to conduct research on DeFi, NFTs, and Blockchain infrastructure by expanding the functions of the federal agency's innovation office.

Overall, the proposed bill aims to eliminate the uncertainty of digital asset regulation in the United States by establishing clear legal definitions and regulatory boundaries, while promoting the healthy development of the digital asset market.