Congress prepares the draft law of the new market structure

The draft law is expected to include a different test to determine whether the symbol is unique is the safety of the Fit21 bill last year.

Members of the Financial Services Committee in the House of Representatives can issue a new discussion of a draft market structure law as soon as possible, according to seven sources who met the Congress employees working on the text. The draft law is expected to be very similar to Financial innovation and technology for the law of the twenty -first century (Fit21)Out of the basic difference in how to define a decentralized draft law, there is a condition for encryption symbols that are regulated by CFTC instead of SEC.

Congress continues to play the final details, according to three sources who met with employees or the White House, who plays an active role in entering into the legislation, in recent days.

However, there are still hiccups. These sources say that the discussion on these decisive final details, in addition to the fact that all members of the House of Representatives devote a great time to working on a high -budget budget settlement bill, can cause delay at the last minute. However, each of them expects the House of Representatives to launch a draft discussion by late May or early June in the last time.

Read more: The market structure bill by August? Why do some encryption dealers want to slow Congress

Pressure from the White House

The House of Representatives is to issue a draft law of the market structure so quickly due to pressure from the White House to put a draft law on the President’s office by August 1, on the last day of Congress in a session before going on a four -week summer vacation. Trump, owned by the encryption industry Donate Intensive, He said The organization of encryption, which is believed to protect innovation is essential to making the United States a global leader in the encrypted currency. Bo was also told at the White House Bhutto Heinz Po Heins luck Last week, the presidential administration was “insisting”, provided that both the market structure and the Stablecoin Bill were passed in August, which the same three sources confirmed that the White House is also clear to members of Congress in the private sector.

Read more: Solana, Yuga Labs, and UNISWAP is recently unveiled from Hayden Adams, which was given to the installation of Trump

Control rather than decentralization

All sources that spoke to Unchained said that the draft law will be very similar to Fit21, unlike the test it is implemented to determine whether the cryptocurrency project is sufficiently incomplete to be classified as a commodity, and thus organized by CFTC instead of SEC.

Fit21 said that the digital commodity cannot be more than 20 % of the total offer owned by one of the source or person and has 20 % or more of the voting share in the hands of one source or a person. It also restricts digital commodities from changing the source code recently by one of the exporters or the affiliated person, or was recently marketed as an investment. Critics, such as the Deputy General Adviser, GSR Joshua Rizman, said these policies I encouraged Entrepreneurs are selling themselves from their projects, or transferring their projects abroad, while the project early in its life cycle, if they want to avoid organizing it by the Supreme Education Council.

On the other hand, the new market structure bill is expected to be a slightly different test that focuses on “control” for any person or entity on the Blockchain project. All sources that spoke to Unchained have understood that A16z is very influential in designing the new market structure structure. When asked, a spokesman for the A16Z said they understood that “control” was derived from hester people’s ” 2019 frame The second Safe symbol symbol suggesting port.

According to two sources, they saw a test of the desired test in A16Z for decentralization, it depends on whether the project is open source and note adequate, distributed, independent, and economically independent, with a similar inscription for the PEIRCE suggestion to the higher control of the initial development team. They expected that the House of Representatives project would have similar rulings, although they were not completely sure of the extent of its association with the language.

The differences are hidden individually, but they are all designed together to encourage decentralization without not venting entrepreneurs from continuing to contribute to projects in their early stages. For example, instead of being interested in whether 20 % or more of the project is owned by the whale, which can be used in the voices of governance, it focuses on whether any one entity has 20 % or more voting power – something that can allow the investment capital company or the founder, for example, possessing more than 20 % of symbolic supply if these youngs are closed.

In addition, instead of paying attention to repeating the changes, it focuses on whether any entity has the authority to prevent people from using the protocol or smart nodes, or the solid instructions privileges that give them preferential treatment, or make significant changes from one side. It is also expected that the requirements for disclosure will be imposed

Read more: Coinbase aims to pass the market structure jointly and Stablecoin legislation in Congress

Six of the seven sources who spoke to Unchained said that they expect to precede the draft discussion of the official introduction to a draft law in the House of Representatives or the Senate. One of the sources said that they expect the industry be given 48 hours to comment on the draft.

In response to the comment request, a spokesman for the Financial Services Committee in the House of Representatives said, “Based on our work last year, the committee continues to work on both the market structure and the Stablecoin legislation to provide clarity in the United States of the ecosystem of the entire digital assets.”

Update Wednesday, April 23, 7:00 EST: This story was updated with a comment from a spokesman for the House of Representatives Financial Services Committee.