House Republicans Push for New Crypto Rules After Ripple Decision

Key Republican members of the US House of Representatives formally unveiled a bill to establish rules for oversight of crypto markets in the wake of a recent court ruling that is viewed by some observers as favorable for the sector.

The legislation, previewed as a draft in June, would make clear when and how crypto firms should register with the Securities and Exchange Commission or the Commodity Futures Trading Commission, which would gain new powers to directly oversee trading in certain tokens. The bill would also provide a pathway for digital assets that start as securities to eventually be regulated as commodities. The test for when an asset is a commodity would largely depend on whether the blockchain network it’s affiliated with is sufficiently decentralized.