Stop the presses (and possibly your decentralized dreams): the U.S. government has finally cooked up a crypto market structure bill. Yes, the House Financial Services and Agriculture Committees have been hard at work, sketching out who gets to boss around the blockchain. It’s basically an episode of “Survivor,” but for regulators and with less sunscreen.
SEC vs CFTC: The Regulatory Smackdown
Remember the FIT21 proposal? (If not, congratulations on having hobbies.) That one got heat for treating the SEC like your least favorite substitute teacher. This time around, balance is the word—a shock to everyone who thought “balance” was only for checkbooks and yoga mats.
The SEC clings to investment-contract tokens like a toddler to a blanket, while the CFTC nabs the shinier crypto commodities. Justin Slaughter of Paradigm assures everyone the CFTC remains “in the driver’s seat”—but, let’s be honest, the SEC is still fiddling with the radio.
Now, for the plot twist: say hello to the official “decentralization test.” Projects need to show they aren’t just sock puppets for one bored billionaire, and anyone hogging 10% or more must raise their hand—awkward at parties, handy for lawmakers. The bill even spells out what makes a blockchain “mature,” which is more than I can say for my last group chat.
If a blockchain’s open, running, and not owned by someone named Chad who has 40% of the tokens, it qualifies. Sorry, Chad.
And cue applause for retail investors: no more needing to be yacht-rich to “ape in” with the big dogs. Finally, regular folks can lose money in style—just like the one percent! 🙌
DeFi and Stablecoins: Ain’t No Rules Like New Rules
DeFi protocols that run themselves and don’t touch your lunch money could dodge stricter rules, so your favorite robot overlords are probably safe. The bill even defines stablecoins—just enough to say “We see you, but we’re not calling you securities. Not yet.”
Meanwhile, the separate GENIUS Act for stablecoins is apparently caught in the Senate, probably because someone asked a senator to define “blockchain” and now everyone’s pretending to take a phone call. 📞
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2025-05-06 06:52