📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ
U.S. lawmakers introduce a draft framework for digital asset regulation, aiming to clarify the roles of the SEC and CFTC.
U.S. lawmakers propose draft regulatory framework for digital assets
The leaders of two committees in the U.S. House of Representatives released a discussion draft on May 5, aimed at establishing a federal regulatory framework for the U.S. digital asset industry. This draft was jointly issued by several Republican members of the House Financial Services Committee and the Agriculture Committee.
The main objective of the draft is to coordinate the regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for the oversight of blockchain and digital asset markets, and to provide legal definitions for key terms. The chair of the Financial Services Committee stated that the draft further develops on the groundwork laid earlier, aiming to protect consumers and maintain the United States' leading position in digital innovation.
This legislation introduces definitions for several core concepts, including digital goods, blockchain systems, decentralized governance, approved payment stablecoins, and mature blockchain systems. Notably, the draft explicitly states that "end-user allocations" conducted through mining, staking, or user rewards are neither classified as securities nor constitute a sales act.
The draft sets out a registration pathway for digital asset exchanges, brokers, and dealers under CFTC regulation, while preserving SEC jurisdiction over securities and certain hybrid assets. Entities engaged in custody, trade facilitation, or customer interaction are required to follow new registration and disclosure procedures.
In addition, 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 hold user funds or exercise discretion, there is no need to comply with traditional financial regulations. The draft also prohibits relevant departments from restricting individuals' ability to self-custody digital assets through wallets.
To advance the legislative process, the committee plans to hold a joint hearing on May 6, titled "The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century". This hearing aims to initiate formal legislative discussions and gather opinions from various parties.
The draft also includes provisions regarding the joint formulation of rules by the SEC and CFTC, as well as content related to conducting research on DeFi, NFTs, and blockchain infrastructure by expanding the functions of federal agencies' innovation offices.
Overall, the goal of this proposed legislation is to eliminate uncertainty in the regulation of digital assets in the United States by establishing legal definitions and clear jurisdictional boundaries, while promoting the responsible development and regulation of the digital asset market.