New U.S. Crypto Bill Redefines Oversight and Expands Retail Access

The U.S. House Financial Services and Agriculture Committees introduced a new crypto bill affecting SEC and CFTC roles.

This bill emphasizes regulatory clarity and expanded retail access, which could shake up digital asset markets.

Legislator Strategies in SEC and CFTC Division

The new crypto bill divides regulatory oversight between the SEC and CFTC, addressing digital asset regulations. Previous efforts failed to align their roles efficiently.

The bill assigns the SEC to handle profit-related assets, while the CFTC oversees commodity and spot markets, emphasizing a structured division of responsibilities.

Retail Access Set to Broaden Without Wealth Tests

The bill's impact on retail access is profound, removing wealth tests for investors, potentially increasing market participation and on-chain liquidity.

Political support varies, with some groups backing increased innovation and competition in crypto markets, while others remain cautious about new regulatory frameworks.

Structured Guidance Aims to Counter Past Volatility

Past regulatory drafts resulted in market volatility, but this bill offers more structured guidance than previous ones, like the stablecoin regulations.

Expectations include increased liquidity and participation, aligning with outcomes of previous legislation that eased restrictions on financial instruments for retail investors.

Perspective on Increased Market Access

A spokesperson from the Merchants Payments Coalition emphasized the importance of innovation and competition, stating, "We’re working together to promote 'innovation, competition and choice in U.S. payments.'"