Sunday evening check-in from Zurich:

US senators just dropped a long-awaited crypto market structure draft that tries to answer the big question “what’s a security vs a commodity” and leans toward giving the CFTC more spot-market oversight. One spicy detail: it targets “passive interest” just for holding stablecoins, while still allowing rewards tied to real usage (payments, loyalty, etc). If this passes, it could change how projects launch and how exchanges list. Are we finally getting clarity or just a new fight between agencies and lobby groups?