Digital-asset market-structure principles say regulation must protect those who purchase or trade digital assets by requiring centralized intermediaries to meet right-sized capital, custody, segregation, and bankruptcy-protection standards

Quotes that support claims

Consumer protection remains prioritized with this market structure, seeing centralized Bitcoin exchanges and intermediaries subject to registration and risk management requirements, including capital standards and custody protections for Bitcoin holdings.

Centralized digital asset intermediaries should be subject to innovation-friendly registration and risk management requirements similar to that of other centralized intermediaries today. Requirements could include illicit finance compliance, clear and right-sized capital, custody and segregation requirements, and appropriate enforcement authority. Legislation should also ensure that customer funds are protected during bankruptcy.