US House Representatives Unveil Draft Bill on Virtual Asset Market Structure

JH Kim

Summary

The draft bill unveiled by Chairman French Hill states that it partially limits the disclosure obligations of virtual asset projects.
It was reported that developers must raise capital under the supervision of the SEC and register with the CFTC, thereby clarifying the jurisdiction of the two agencies.
The House Financial Services Committee announced that it will hold a hearing on the 'Future of Virtual Assets' on the 6th to discuss the draft bill.

French Hill, Chairman of the US House Financial Services Committee, has unveiled a draft bill on the structure of the virtual asset (cryptocurrency) market.

According to CoinDesk, a virtual asset-focused media outlet, the draft is a follow-up version of the '21st Century Financial Innovation and Technology Act (FIT21, Virtual Asset Market Structure Bill)' passed in the last session, which partially limits the disclosure obligations of projects.

Additionally, it stipulates that developers must raise capital under the supervision of the Securities and Exchange Commission (SEC) or register with the Commodity Futures Trading Commission (CFTC) for virtual asset trading, clearly delineating the jurisdiction of the two regulatory bodies.

The House Financial Services Committee's Subcommittee on Digital Assets is scheduled to hold a hearing on the 'Future of Virtual Assets' on the 6th to discuss the draft bill.