US Congress Proposes Crypto Bill for SEC Oversight and Reimbursement.

US lawmakers have introduced a 162-page draft bill proposing a "functional framework" aimed at providing regulatory clarity for bitcoin and crypto companies in the country. The bill proposes cryptocurrencies offered as part of an investment contract would fall under SEC oversight, while those that qualify as commodities would be overseen by the Commodity Futures Trading Commission (CFTC). Whether cryptocurrencies such as bitcoin, ethereum, Binance's BNB or Ripple's XRP are defined as securities or commodities would depend on how decentralized their underlying blockchain is, decided by an SEC ruling.