Overview
- NYDIG told trade outlets that the leading market‑structure bill needs real movement before Congress leaves for the August recess or the odds of passage drop.
- The draft seeks to sort which tokens count as securities or commodities, split oversight between the SEC and the CFTC, and set one rulebook for exchanges and crypto service firms.
- Negotiators still disagree on who polices stablecoins, how to treat decentralized finance software, what consumer safeguards to require, and how to handle political conflicts of interest.
- If the window closes, the industry expects more rulemaking by enforcement, which would keep exchanges, issuers, and developers in years of legal gray areas.
- NYDIG said capital and talent are already shifting to places with clearer regimes, citing the EU’s MiCA rules and proactive regulators in the UAE and Singapore.