The basic categories are based on characteristics, usage, and functions. So in the end, authority becomes clear between the SEC or CFTC.
I read that they will be the ones handling the oversight and implementation.
And from what I understand, it already passed in Congress, but the Senate still has not acted on it yet, so now they are pushing for it to get approved there too. So it looks like they want to put a clear set of rules in place for things like AML, KYC, trading, and even to prevent insider trading and similar issues.
That’s why I think it’s important for it to get approved, because if people are trading or holding Bitcoin, at least there will be clearer protection, responsibility, and proper guidance.
But I still don’t fully understand why it has not been approved yet if it is really supposed to be good for crypto. If the goal is to help innovation move forward without too much confusion or obstacles, then clear rules should already be a good thing.