US Senate Announces Comprehensive Legal Framework for Cryptocurrency Industry
On July 22, the US Senate officially released a new draft legal framework aimed at establishing a clear and comprehensive legal foundation for the cryptocurrency industry in the US. This draft is expected to become a guideline for the entire crypto market, clarifying the scope of authority between regulatory agencies such as the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and proposing detailed regulations related to stablecoins, digital asset storage, banking systems, and user protection rights.
One of the highlights of the draft is the reclassification of digital assets. Tokens will no longer be automatically considered securities if they meet certain criteria such as: not representing ownership or profit of a company, having a clear purpose in payment or utility within the network. Tokens meeting the conditions will be classified as "ancillary assets", helping to avoid direct oversight by the SEC.
Additionally, the draft allows issuers to self-certify that tokens are not securities, with the condition that the SEC does not object within 60 days of filing the notification. This opens up a more flexible mechanism for crypto projects to comply with laws without disrupting their development progress.
In terms of transparency, token-issuing organizations will be required to periodically disclose important information twice a year, such as development team, token allocation plans, financial and operational risks. The draft also proposes adjusting the SEC's mission by adding the element of "promoting technological innovation", alongside its traditional tasks of protecting investors and maintaining fairness in the financial market.
Regarding ecosystem protection, the draft also introduces stricter regulations on insider trading and money laundering prevention. Issuing organizations will be restricted from selling tokens internally to prevent price manipulation. At the same time, stablecoin projects operating in the US will be required to comply with international sanctions if there are violations.
Finally, the draft particularly emphasizes users' right to self-custody of digital assets, encouraging innovation by implementing product testing programs (sandbox) in a flexible legal environment while ensuring safety.
