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The U.S. has finally dropped the much-anticipated crypto market structure bill, and it could be a game-changer. Released by the House Financial Services and Agriculture Committees, the new draft attempts to draw a clear line between who regulates what in the crypto space.
SEC vs CFTC: A Split in Oversight
Unlike the earlier FIT21 proposal, which drew heat for weakening the SEC’s role, this updated bill strikes a more balanced approach. The SEC will continue to oversee crypto tokens that are considered investment contracts, while the CFTC will take the lead on crypto commodities.
According to Paradigm’s Justin Slaughter, the bill keeps the CFTC in the driver’s seat but allows the SEC some control until projects prove they are truly decentralized.
Interestingly, there’s now a formal “decentralization test.” A project must not be under the control of a single party, a
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