Digital-asset market-structure principles propose modernising regulation to foster innovation by adding a new Securities and Exchange Commission (SEC) fundraising exemption, streamlining registration, setting pro-innovation secondary-market rules, sparing decentralized finance (DeFi) protocols from centralized-firm burdens, and recognizing tokenization as an efficiency upgrade

Quotes that support claims

Regulations should be modernized to account for the unique nature of digital assets and distributed ledger technology. A new SEC exemption for certain digital asset fundraising should be included in legislation. The SEC should revisit its burdensome registration requirements for digital asset issuers, and instead provide a clear, appropriately tailored pathway to compliance for good faith, innovative actors. Clear, pro-innovation principles regarding the trading of digital assets on the secondary market should be established. Legislation should not apply principles designed for centralized firms to decentralized protocols. Tokenization should be recognized as an evolution of financial infrastructure that enhances efficiency, transparency, and liquidity, rather than a fundamental change to the nature of the underlying asset.

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.