Huge credit to @davidzmorris for covering the Roman Storm trial live in NYC. This case is extremely important for everyone who cares about DeFi, and more than that, about justice and freedom. We're lucky to have David on the ground keeping us all informed 🙏

I think a lot of crypto people thought CLARITY would be like GENIUS, which passed both chambers of Congress in rapid succession unchanged and was signed into law. Not happening with CLARITY. The Senate has its own ideas about market structure and so far they are very different.

Senate Banking released a discussion draft of its market structure bill yesterday. It's only 35 pages and lacking in nearly all details. It seems more like a provocation to discuss big issues like "maturity test" vs "ancillary assets" rather than a full draft. Long road ahead.

The True Markets Mission ⚖️ A Letter from Vishal Gupta, Co-Founder & CEO

DeFi regulation is a sticking point in the market structure bill debate. CLARITY passed the House with good but not great protections for DeFi developers. We need to fight for more in the Senate. This is no time to compromise just to “get a bill done.” Protect DeFi or no deal.

The GENIUS Act isn't directly about DeFi — it regulates centralized stablecoins with full reserves offchain. But it is very good for DeFi — the more dollars and people there are onchain, the more need there will be for onchain finance of all kinds. Payments are just a gateway.

The GENIUS Act is great for the entire crypto space. A lot of TradFi has avoided crypto for fear of regulatory risk. Now they can use stablecoins in clear compliance with U.S. law. More dollars and people coming onchain — a huge benefit and opportunity for all of crypto.

The CLARITY Act passes the House 294 - 134. 78 Democrats voted yes: a huge number, more than FIT21 got and more than most people (including me) expected today. Now CLARITY goes to the Senate where it faces an even bigger challenge. Market structure legislation to be continued.

A few moments ago on the House Floor, @RepFrenchHill acknowledged that "decentralized finance or DeFi developers do not take custody of user assets, nor do they control user assets. Therefore, we should not treat them in the same way we treat centralized actors who do have custody, who do have control over assets." Thank you Chair Hill for recognizing DeFi's unique characteristics.

Went deep with @jchervinsky on @CryptoAmerica_; discussed the evolving regulatory story, implications/opportunities for crypto founders in the US, unpacking tokens vs. equity, progressive decentralization in 2025, what's next for DeFi, etc 👇