Digital-asset market-structure principles instruct Congress to allocate jurisdiction among existing regulators, prevent any all-encompassing watchdog, acknowledge self-custody, differentiate centralized and decentralized models, and exempt non-financial blockchain uses

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Regulatory authority should be clearly allocated in statute, preventing an all-encompassing regulator from emerging. Legislation should acknowledge that not all distributed ledger technology should be regulated equally. Legislation should recognize the different risks and benefits between centralized firms, decentralized finance protocols, and non-custodial software platforms. For similar reasons, self-custody of digital assets should be explicitly preserved. Likewise, the use of distributed ledger technology and smart contracts for other, non-financial purposes, such as to manage health data, should not be regulated like financial products.

Furthermore, the plan allocates jurisdiction to existing regulators instead of creating a single crypto agency while updating registration paths so compliant issuers can raise capital under an exemption tailored to distributed-ledger projects.