Below are The Digital Chamber (TDC)’s core market structure principles—the foundational tenets that should guide digital asset legislation. While legislative text will be broader in scope, these principles reflect the consensus of our membership, the largest and most diverse in the United States, spanning key industry stakeholders.

1. Provide robust consumer protections, including transparent and timely disclosures and pathways for recourse.
2. The Commodity Futures Trading Commission (CFTC) should be recognized as the primary regulator for digital asset markets (outside capital raising activities or representing equity or debt interests traditionally recognized as securities).
3. Fungible digital assets should be presumed commodities by default unless they meet a specific, narrowly defined set of criteria establishing them as securities or other. 
4. Rulemaking for the spot market for digital asset commodities should fall to the CFTC. Regulatory frameworks for digital asset intermediaries should leverage existing registration categories rather than create new, duplicative, or burdensome regimes.
5. For digital assets that are securities, the SEC shall use its exemptive authority to implement exemptive relief under: 
   • Section 28 of the Securities Act of 1933,  
   • Section 36 of the Securities and Exchange Act of 1934,  
   • Section 6(c) of the Investment Company Act of 1940, and  
   • Section 206A of the Investment Advisers Act of 1940– to harmonize its rules for the protection of investors and facilitation of capital formation.  

If you have any questions, please reach out to Policy@digitalchamber.org.