The bill that Senate Banking pushed out is a pretty good bill, crafted by staffers who have been working on this incredibly hard. It is not an industry handout, nor is it so onerous as to prevent growth. The bill does what it should: craft clear rules and strong regulations impacting the parties that should be regulated. It also creates space for decentralized development and protects developers. It makes disclosures table stakes and will truly improve market quality. A lot of the work will fall to rulemaking and, in that vein, we’re going to be watching/commenting to make sure those rules are mindful of i) competitive balance and ensuring that American rules are not overly burdensome (we don’t want this industry unintentionally pushed offshore because of compliance costs); ii) ensuring the rules don’t just copy pasta from tradfi, but instead are adjusted where needed for unique characteristics of decentralized systems (particularly disclosures!); and iii) that developers and builders are protected and able to build in America (things like rights to privacy and the 1st Amendment are almost uniquely American). It is imperative that we get this right. The Ostrich Caucus era needs to be put in the rear view mirror. A cadre of lawmakers on both sides of the aisle understand that it is in our national interest to build out the rules for the road, and that those rules need to incent development of crypto in America, because if it’s not built here we lose a material edge in both NatSec and economic concerns. GG should mean “good going,” instead of the bogeyman showing up with baseless subpoenas. It’s also telling to read through some of the adverse amendments offered and see who remains in the avian fold. Sometimes you have to pop up with a bad faith amendment to remind folks that you would prefer to have your head in the sand, pretending that this technology and industry will go away if you push it offshore. I encourage SWC to document and score the amendments offered. And as for our good friends from the banks, if the 404 text is crypto winning, I would hate to see what it would look like with crypto losing. Your arguments and strategy have never been in good faith and never been about negotiation or compromise. Crypto moved a long way and swallowed a lot on this. Time to move forward. The Committee should mark up tomorrow and vote yes. While it’s uncertain if the vote will be partisan, the text IS bipartisan and the work has been bipartisan. Let’s get it to the floor where this can and should pass on a strongly bipartisan basis.