U.S. House Republicans Push for Crypto Oversight With Bill to Make SEC Play Ball
On the most urgent question – how to tell what’s a commodity and what’s a security – the “discussion draft” says any of the regulated crypto firms handling a token or cryptocurrency can make a case that the assets are commodities, but they have to explain in detail how they work and prove that they’re truly decentralized by certifying nobody is steering the project or controls more than 20% of assets. And the SEC can challenge that claim if it can produce a “detailed analysis” demonstrating that the asset belongs in its jurisdiction.
Source: CoinDesk
