The Breakdown The Senate's Surprising Market Structure Bill
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Jul 24, 2025 A newly released Senate draft proposes a slim but impactful crypto market structure bill. It focuses on developer protections and redefines digital assets, raising questions about investor safeguards. Reactions from legal experts hint at the bill's potential ripple effects in Congress. Additionally, JPMorgan is moving towards crypto-backed loans, and Coinbase is launching regulated futures for U.S. traders, indicating a growing blend of traditional finance and the crypto market. The future of digital asset regulation is looking dynamic!
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Developer Protections in Senate Bill
- The Senate's market structure bill offers a slim but significant alternative to the House's Clarity Act.
- It protects open-source developers from money transmission laws, preventing undue criminal liability for coding activities.
New Definition of Digital Assets
- The bill defines digital assets as blockchain-based representations of value excluding tokenized stocks.
- This approach implicitly excludes most tokens from being securities, focusing on their method of sale for regulations.
Crypto-Native Disclosure Regime
- Any crypto token with over $5 million in ICO sales or daily volume must disclose detailed information to the SEC.
- The disclosures include tokenomics, governance, issuer history, financials, and legal status designed for crypto assets.