2025-10-10
Update on US Market Structure Bill
- Back from an Asia tour, he warns the Senate Democrats' DeFi counter proposal to the Clarity Act would effectively ban DeFi.
- It would make every developer and front end, including non custodial wallets, a regulated intermediary forced to KYC users.
- It hands the Treasury an unchecked kill switch over any protocol, which lawyers like Jake Chervinsky call a crypto ban.
- He argues Democrats serve big institutions while crypto is the one system that treats everyone equally.
- With 50 million American holders and 37 trillion in debt, he urges people to write Mark Warner and pass the bill as written.
23 entries
Opens back from the Asia tour through Mongolia, Vietnam, Korea, Singapore, and Japan to discuss the US market structure bill.
After months, the Senate Democrats finally issued their counter proposal to the Clarity Act, the make Gary Gensler go away bill.
The plan lets the Treasury create a restricted list of DeFi protocols with an instant kill switch and no appeals.
It would classify anyone designing, deploying, or profiting from a DeFi front end as a regulated intermediary, making developers criminals.
Agencies would have unchecked discretion to decide what counts as decentralized, making them judge, jury, and executioner.
Cites the Coindesk and Politico reports that front end operators would have to register as brokers even without holding any funds.
Quotes Jake Chervinsky of Variant and Summer Mersinger of the Blockchain Association that it would effectively ban DeFi and wallet development.
The push is led by Senator Mark Warner on illicit finance grounds, letting Treasury and the Fed squeeze anyone profiting from a DeFi front end.
Recalls the House passed the Clarity Act 294 to 134 in July, but the Senate needs 60 votes and wrote its own RFIA drafts.
The September RFIA draft rightly protects software developers from another Gensler era, without which there is no bill.
The Democrat draft forces front ends including non custodial wallets like Lace and Yoroi to KYC users and conduct warrantless surveillance.
Treasury could ban any protocol on a restricted list with no defense or recourse, an unconstitutional takeover of the industry.
Everyone was at the table, Marc Andreessen, Kraken, and Coinbase, and House Democrats engaged, but this Senate proposal ignores a 4 trillion dollar industry.
Argues Democrats stand only for big institutions: big pharma, big academia, big tech, and big banks that deplatform you.
The little guy who built crypto is the DeFi user with a browser wallet, not Chase or Goldman Sachs, yet the left votes against him.
Crypto is the only system that makes everyone truly equal, which the left wants to hand to institutions that discriminate against the poor.
Points at 37 trillion in debt heading to 50 trillion, a possible 2027 China war, and rising political violence, blaming both sides for politicizing institutions.
50 million Americans hold crypto heading to 100 million, but Democrats would burn the industry because orange man bad.
Asks how the US repays 50 trillion in debt if it hands the fastest growing industry to China and criminalizes its engineers.
Cryptocurrency preserves inalienable rights for everyone regardless of race, gender, politics, or wealth, the sentinel society needs.
Urges Americans to write Senator Mark Warner and the Senate Democrats, warning of electoral consequences in 2026 if they block the bill.
Like defeating the regulators who tried to kill the internet in the 90s, the US must embrace crypto or its debt will sink it.
Closes that crypto does not need America but America needs crypto, urging people to write their senators and pass the bill as written.