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This summary text is fully AI-generated and may therefore contain errors or be incomplete.
House Financial Services Committee Chairman French Hill introduced the Digital Asset Market Clarity Act, a bipartisan bill aiming to provide regulatory clarity for cryptocurrencies. The proposal seeks to define key terms and establish oversight under the CFTC and SEC.
- The bill introduces a four-year safe harbor for token offerings if the network reaches 'mature' status and fundraising stays below $75 million annually.
- Spot trading and custody of digital commodities would fall under exclusive CFTC supervision, while hybrid products remain under dual oversight.
- The legislation aims to eliminate regulatory uncertainty for crypto exchanges by requiring provisional CFTC registration within 180 days.
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