Proposed Republican bill aims to clarify crypto regulation and SEC oversight.

US lawmakers have proposed a draft bill aimed at providing regulatory clarity for crypto firms in the country. The bill would allow certain tokens to qualify as digital commodities if they were decentralized and crack down on the SEC’s previous approach to crypto. It would also prohibit the SEC from denying digital asset trading platforms from registering as a regulated alternative trading system and allow such firms to offer “digital commodities and payment stablecoins.” The proposed legislation lacks input from lawmakers on the other side of the political aisle and it's unclear how far it could advance in a divided Congress.