Full analysis coming shortly this afternoon. Here's a teaser: TLDR: The market structure draft is an incremental, albeit meaningful, rewrite of FIT21 that tightens affiliate sale rules, replaces the idea of the SEC certifying decentralization with an ongoing “mature blockchain” regime, and channels exchange oversight through existing alternative trading system infrastructure. Overall, this bill again would make the CFTC the dominant crypto regulator, but still gives the SEC jurisdiction until a network establishes decentralization.

It's Friday night, the kids are in bed, the biggest piece of crypto legislation for this year has dropped—the McHenry-Thompson bill on market structure— so let's get this party started. Here’s a deep dive into the bill’s contents. Thread