Digital-asset market-structure principles call for legislation that clearly defines the legal status of digital assets by fixing in statute an economically rational line between securities tokens and commodity tokens

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Committee Chair Tim Scott and Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty set out a plan that draws a statutory line between digital asset securities and commodities. However, there is no draft of a bill as of press time.

A clear, economically rational line distinguishing digital asset securities from digital asset commodities should be fixed in statute, contemplating existing law and providing predictability, enhanced legal precision, and much-needed regulatory certainty.