US Senate Banking Committee Releases Comprehensive Market Structure Legislative Principles to Guide Digital Asset Regulation

Foresight News reports that, according to an announcement from the U.S. Senate Banking Committee, Committee Chairman Tim Scott, Digital Assets Subcommittee Chair Cynthia Lummis, Senator Bill Hagerty, and Senator Thom Tillis have released a set of principles for developing market structure legislation. These principles will guide Chairman Tim Scott and his colleagues in discussions and negotiations on the bill text with industry participants, legal and academic experts, and government stakeholders. The market structure principles state that legislation should clearly define the legal status of digital assets, explicitly distinguish between digital asset securities and digital asset commodities within regulations, and take existing laws into account to provide predictability, enhanced legal precision, and much-needed regulatory certainty. Regulatory agencies should have clearly delineated jurisdictions, and the legislation should recognize that not all distributed ledger technologies should be subject to oversight by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.