1/ Progress on crypto policy continues! The White House just released an excellent report and the SEC launched “Project Crypto”. The next critical step is feedback on the Senate’s market structure legislation. We just submitted our recommendations👇

2/ First, credit where it’s due — The Senate Banking Committee proposed a simplified framework that preserves many of the core tenets of the CLARITY Act, the House’s version of market structure legislation that recently passed with broad bipartisan support.

3/ The Senate’s approach is consistent with CLARITY on the SEC/CFTC jurisdictional split, control-based decentralization framework, and disclosure regime tailored to crypto. That’s real progress and reflects broad consensus that the industry didn’t have a year ago.

4/ The Committee is also asking the right questions: 🔹How should CLARITY be incorporated? 🔹How should DeFi be treated? 🔹What about preemption? We appreciate their careful approach—and believe it’s a promising first step.

5/ Today we responded, highlighting where we believe the draft needs improvement. Most importantly, while simple, the draft’s foundational “ancillary asset” construct currently opens up serious ambiguities that CLARITY resolves.