The United States Congress has passed the Digital Asset Market Structure Act, establishing a comprehensive regulatory framework for cryptocurrencies. The bipartisan legislation provides long-awaited clarity on the classification and oversight of digital assets.
Under the new law, cryptocurrencies will be classified as either commodities or securities based on specific criteria related to decentralization and functionality. The CFTC will oversee commodity-classified assets, while the SEC retains jurisdiction over securities.
The legislation also establishes licensing requirements for cryptocurrency exchanges, custody standards for digital assets, and consumer protection measures. Stablecoins receive dedicated treatment with reserve requirements and audit obligations.
"This is a watershed moment for the crypto industry," said Senator Cynthia Lummis, a key sponsor of the bill. "Clear rules will enable responsible innovation while protecting consumers and maintaining financial stability."
Industry leaders have largely welcomed the legislation, noting that regulatory certainty will attract institutional capital and enable US companies to compete globally.
