The bill should include a different test to determine if a token is a security that the Fit21 bill last year.
The representative of the Arkansas French Hill, who is chairman of the financial services committee, was frank on the desire to want to move quickly to a bill
(Associated Press)
Published on April 23, 2025 at 6:2 p.m. to 21 a.m.
The members of the Chamber’s Financial Services Committee could publish a new discussion bill for a market structure bill this week, according to seven sources that have met the staff of the text working on the text. The bill should be largely similar to Financial innovation and technology for 21st century law (Fit21)Apart from a basic difference in the way the bill defines decentralization, a requirement for cryptographic tokens to be regulated by the CFTC rather than by the SEC.
The Congress still develops the end details, according to three sources that have met the staff or the White House, who plays an active role in the use of the legislation in recent days.
However, there could still be huts. The discussion on these crucial final details, combined with the fact that all members of the Chamber spend a lot of time working on a high -priority budgetary reconciliation bill, could lead to last minute delays, according to these sources. However, they expect the Chamber to disclose the discussion project by the end of May or early June at the last absolute point.
Find out more: A market structure bill by August? Why some crypto traders want the congress to slow down
White House pressure
The Chamber strives to publish a bill on the structure of the market so quickly due to the pressure of the White House to put a bill on the president’s office by August 1, the last day of session of the congress before taking a four -week summer break. Trump, to whom the cryptographic industry has given strongly, said This cryptographic regulation which, according to him, would protect innovation is at the heart of making the United States a world leader in cryptocurrency. The crypto connection of the White House Bo Hines also said Fortune Last week, the presidential administration was “categorical” according to which a market structure and a bill on stables were adopted in August, which the same three sources confirmed that the White House had also clearly indicated to the members of the private congress.
Find out more: The newly revealed Crypto Majors Solana, Yuga Labs and Hayden Adams of Uniswap gave Trump’s inauguration
Control rather than decentralization
All the sources that have spoken to Unchained said that the bill would be largely similar to FIT21, apart from the test it implements to determine whether a cryptocurrency project is sufficiently decentralized to be classified as a commodity, and therefore regulated by the CFTC rather than the SEC.
Fit21 said that a digital goods could not exceed 20% of the total offer held by a issuer or an affiliated person and have 20% or more the voting participation in the hands of a transmitter or a person. He also prevented digital products from having had his source code recently changed by an affiliated transmitter or person, or recently marketed as an investment. Critics like the assistant general councilor of the GSR, Joshua Riezman, said that these policies encouraged Entrepreneurs to distant their projects, or to move their projects abroad, while the project is at the start of its life cycle, if they wanted to avoid being regulated by the SEC.
The new bill on the structure of the market, on the other hand, should have a slightly different test which focuses on the “control” of a person or an entity on a blockchain project. All the sources that spoke to Unchained understood that A16Z was very influential in the design of the architecture of the new market structure project. Asked about it, an A16Z spokesman said they understood that “control” was derived from Hester Peirce 2019 executive And his second Proposal for symbolic security scheme.
According to two sources which had seen a project of the desired test for A16Z for decentralization, it is based on the question of whether a project is open source and adequately without authorization, distributed, autonomous and economically independent, with a sculpture similar to the proposal of Peirce for a higher control of the initial development team. They expected the house project to have similar provisions, although they did not know exactly how much he would reflect the language.
The differences are individually subtle, but all together are designed to encourage decentralization without disinfting entrepreneurs to continue to contribute to projects in their beginnings. For example, rather than worrying about knowing whether 20% or more of a project belongs to a whale, which could use it in governance votes, it focuses only on the question of whether a single entity has 20% or more votes – something that could allow a venture capital company or a founder, for example, to have more than 20% of the token supply if these tokens are locked.
In addition, instead of worrying about the recence of changes, he focuses on the fact that someone has the power to prevent people from using the protocol or the intelligent contract, the hard code privileges that give them preferential treatment or unilaterally make significant changes. It should also impose the dissemination requirements
Find out more: Coinbase aims to jointly adopt the structure of the market and the legislation on the stablecoin in the congress
Six of the seven sources that spoke to Unchained said they expected a discussion project prior to the official introduction of a bill in the House or the Senate. One of the sources said it expected the industry to be given 48 hours to comment on the project.
In response to a request for comments, a spokesperson for the Chamber’s Financial Services Committee said: “Based on our work last year, the Committee continues to work both on market structure and stable legislation to give clarity to the United States for the entire digital asset ecosystem.”
Update Wednesday, April 23, 7:00 am on Wednesday, April 23: This story was updated with a comment from the spokesperson for the Chamber’s Financial Services Committee.
