The US Senate Agriculture Committee has released the highly anticipated draft of the Market Structure Bill, a move many are praising as a significant milestone for the crypto industry in the United States.
With promises of clearer regulatory frameworks just around the corner, this development is expected to enhance the operating environment for various cryptocurrencies.
However, the text features numerous sections marked with brackets, indicating ongoing negotiations among lawmakers regarding key definitions and other critical issues that remain unresolved.
One of the most notable aspects of the draft is the formal definition of digital commodities, which positions the Commodity Futures Trading Commission (CFTC) as the primary regulatory authority for their trading.
The draft also introduces protections for blockchain developers and infrastructure providers, ensuring they are not classified as money transmitters or brokers. This aspect of the bill allows developers to innovate freely, enabling them to operate nodes or deploy smart contracts without the fear of legal repercussions.
This office is designed to oversee fair markets and protect investors, moving the crypto industry closer to being recognized as a legitimate financial sector.
Furthermore, the legislation emphasizes global alignment by mandating cooperation with foreign regulators, setting the stage for internationally consistent digital asset standards.
The Bull Theory experts assert that the crypto sector has never been closer to achieving full regulatory clarity in the United States.
Separately, Republicans on the Senate Banking Committee, which oversees the other half of the bill concerning securities regulations, have already introduced a partisan discussion draft earlier this year.
Featured image from DALL-E, chart from TradingView.com
