The U.S. House of Representatives has released a draft framework for the regulation of digital assets, clarifying the responsibilities of the SEC and CFTC.

Leaders of the U.S. House Financial Services Committee and Agriculture Committee released a discussion draft on May 5, aimed at establishing a federal regulatory framework for the U.S. digital asset industry.

The draft was jointly released by several Republican lawmakers, including the chair of the Financial Services Committee, the chair of the Agriculture Committee, and the chairs of relevant subcommittees. They emphasized that the goal of this bill is to harmonize the regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and to provide clear definitions for key terms in the blockchain and digital asset markets.

The chairman of the Financial Service Committee stated that this discussion draft further develops on the previous bipartisan cooperation and aims to protect consumer interests while maintaining the United States' leading position in the digital innovation field. The committee plans to widely solicit public opinions and work with the government to promote the implementation of the final bill.

The draft introduces definitions for multiple core industry concepts, including digital goods, blockchain systems, decentralized governance, approved payment stablecoins, and mature blockchain systems. Notably, the draft explicitly states that distributions made through mining, staking, or user rewards do not constitute securities and do not constitute sales.

The chairman of the Agricultural Committee emphasized the urgency of establishing clear regulations, pointing out that the framework will fill the regulatory gap and provide industry participants with the certainty they have long been waiting for.

The draft establishes a registration pathway under CFTC supervision for digital asset exchanges, brokers, and dealers, while retaining SEC jurisdiction over securities and certain mixed assets. Entities engaging in custody, trade facilitation, or customer interaction must adhere to new registration and disclosure procedures.

The chairman of the digital asset subcommittee stated that this marks the beginning of the golden age of digital assets, and the House of Representatives is leading this trend. The chairman of the commodity market subcommittee also stated that the United States must provide a reasonable regulatory framework in order to maintain its status as a global center for digital asset investment and innovation.

The draft also protects the rights of decentralized finance (DeFi) protocols and self-custody. As long as DeFi trading protocols and messaging systems do not custody user funds or exercise discretion, they are not required to comply with traditional financial regulations. Furthermore, the draft also prohibits relevant departments from restricting individuals' ability to self-custody digital assets through wallets.

To initiate formal legislative discussions, the committee has scheduled a joint hearing on May 6, themed "The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century," aimed at gathering stakeholder opinions.

The draft also includes provisions for rules jointly formulated by the SEC and CFTC, as well as regulations for conducting research on DeFi, NFTs, and blockchain infrastructure by expanding the functions of the innovation offices of federal agencies.

By establishing clear legal definitions and jurisdictional boundaries, this proposed legislation aims to eliminate the uncertainty surrounding the regulation of digital assets in the United States while promoting responsible development and effective regulation of the digital asset market.