The key reform needed for US markets with relation to crypto has never been more “clarity” and certainly not more new laws. What we need to do is make securities easier to deal with. Most regulatory issues stem from securities being far too complex and over regulated and much too difficult to deal with.  Since being designated a securities in the US is the kiss of death in many ways, this has driven projects to work to avoid being considered a security by engaging in increasingly goofy mechanics that strip out profit sharing, dividends, voting and other value.  Problem with this is that it leaves behind a bunch of junk instruments. Securities are great: stocks and bonds are both outstanding structures for sharing risk and reward but both are securities.  Instead of encouraging the industry to create Rube Goldberg low quality machines, the rules should simply make it easier to issue and deal with securities such as stocks.