House Republicans’ Bill Shows Challenge of Regulating Crypto Without Giving Traditional Securities a Free Pass

McHenry and Thompson try to sidestep the Howey Check totally. Their invoice would create a brand new asset class known as “digital belongings.” Digital belongings can are available many types, however two significantly necessary ones are “digital commodities” and “restricted digital belongings.” Briefly, the laws gives that crypto tokens will both be issued as digital commodities within the first occasion, or as restricted digital belongings that then “mature” into digital commodities after they change into sufficiently decentralized.