The U.S. Congress proposed a regulatory framework for digital assets, clarifying the division of responsibilities between the SEC and CFTC.

Recently, the leaders of two important committees in the U.S. Congress jointly released a discussion draft aimed at establishing a comprehensive regulatory framework for the U.S. digital asset industry. This draft was proposed by key members of the House Financial Service Committee and the Agriculture Committee, intending to coordinate the regulatory responsibilities of the SEC and the CFTC, and to provide clear definitions for key terms in the Blockchain and digital asset fields.

One of the main sponsors of the draft stated that this framework is built on the foundation of previous bipartisan cooperation, aiming to protect consumer rights while maintaining the United States' leadership in the field of digital innovation. They plan to widely solicit public opinions and work with the government to promote the implementation of the final bill.

This legislative proposal introduces definitions for a series of core concepts, including digital goods, Blockchain systems, decentralized governance, compliant stablecoins, and mature Blockchain systems. Notably, the draft clearly states that the distribution of digital assets obtained through mining, staking, or user rewards does not fall under securities nor constitutes a sales activity according to existing laws.

The proposal establishes a registration pathway for digital asset exchanges, brokers, and dealers under the CFTC's regulation, while allowing the SEC to retain jurisdiction over securities and certain mixed assets. Entities engaged in custody, trade facilitation, or client interaction will need to follow the newly established registration and disclosure procedures.

The draft also specifically focuses on issues related to decentralized finance (DeFi) and self-custody wallets. As long as DeFi protocols do not hold user funds or exercise discretion, there is no need to comply with traditional financial regulations. At the same time, the draft prohibits relevant departments from implementing regulations that restrict individuals from using self-custody wallets.

To advance the legislative process, relevant committees have scheduled hearings focused on the future development of innovation and digital assets in the United States. The draft also includes provisions for jointly developed rules by the SEC and CFTC, as well as plans to conduct research on DeFi, NFTs, and Blockchain infrastructure.

This legislative proposal aims to eliminate uncertainty in the regulation of digital assets in the United States by establishing clear legal definitions and regulatory boundaries, while also promoting the healthy development of the digital asset market. It reflects the efforts of regulators to balance innovation with regulation, protect investor rights, and maintain the competitiveness of the United States.