The U.S. Senate Banking Committee is circulating an updated draft of its long-awaited market structure bill, introducing major changes to how digital assets are treated under securities law.
The revisions, highlighted by journalist Eleanor Terrett, are being viewed as a meaningful step toward clarifying the legal status of crypto activity in the United States.
One of the most notable updates comes in Section 101, which specifies that staking, airdrops, and pre-legal tokens will not be classified as securities, unless fraud is involved. Industry advocates say this language could provide long-sought clarity for participants who feared that normal crypto activities could be swept into securities regulation.
Exemptions for DePIN Projects
The bill also singles out decentralized physical infrastructure networks (DePIN) in Section 504, granting them explicit exemption from securities law. DePIN initiatives, which incentivize participants to build out real-world infrastructure like wireless networks and cloud storage, have grown rapidly and often struggled with regulatory uncertainty.
In a nod to decentralization, Sections 501, 505, and 506 preserve protections for DeFi developers, self-custody of digital assets, and open-source innovation. Lawmakers appear keen to ensure that regulation does not suffocate the core features that distinguish blockchain ecosystems from traditional financial intermediaries.
SEC-CFTC Coordination
Finally, the bill creates a formal coordination framework between the SEC and the CFTC in Sections 701 and 702, a measure designed to reduce the jurisdictional clashes that have plagued crypto regulation in recent years.
If passed in its current form, the legislation could significantly reshape how crypto projects operate in the U.S., removing some of the most controversial areas from the reach of securities enforcement while still leaving room for fraud cases. Analysts say the carve-outs for staking and DePIN are especially noteworthy, as they address areas where regulatory clarity has been most urgently demanded.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/u-s-senate-draft-bill-moves-to-exempt-staking-airdrops-and-depin-from-sec-rules/