3/5 🧵 The policy meat is in “market structure.” That’s the unsexy phrase that decides who regulates what, which assets count as securities vs commodities, how exchanges operate, how derivatives are supervised, and what disclosures or custody rules apply. In plain English: this is the rulebook for the entire U.S. crypto market. If that rulebook becomes durable law instead of agency interpretation, the industry gets something it has been begging for—clarity instead of regulatory roulette. 📎 Source
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