White House crypto czar "Market Structure Act, an important step toward becoming the crypto capital"

As the U.S. Senate released a draft of a market structure bill for virtual assets (cryptocurrencies), the White House crypto czar expressed a positive stance.

On the 11th (Korean time), White House crypto czar David Sacks posted on X (formerly Twitter), "The Senate Agriculture Committee has released a bipartisan draft of a market structure bill," and added, "Thanks to Senator Cory Booker and Chairman John Boozman of the Agriculture Committee."

He went on to say, "This draft adds the regulatory clarity needed to make the U.S. the world's crypto capital."

The draft is the 'Digital Commodity Market Structure Act' and seeks to clarify regulatory authority over the virtual asset market and push for its incorporation into the formal regulatory framework. Under the bill, digital commodities would fall under the Commodity Futures Trading Commission (CFTC), while security tokens would be under the Securities and Exchange Commission (SEC).

Token issuers must submit a project outline, and projects or exchanges above a certain scale must register with the CFTC. Exchanges, brokers, and custodians must implement anti-money laundering (AML) and know-your-customer (KYC) procedures, and the bill includes provisions banning market manipulation and insider trading.

The draft also includes criteria for assessing the degree of decentralization of projects and issues related to stablecoins.