The bipartisan crypto market structure bill draft introduced today by Senate Banking Committee Chair Tim Scott is officially unveiled, and the entire industry is watching this document. The core logic of the bill is straightforward: idle funds in stablecoins cannot generate yields, but activities based on trading or liquidity provision can still be rewarded.

Does this sound like a form of balance? But upon closer examination, it becomes clear that regulators are still applying traditional financial thinking to the native crypto model. What does this mean? Lending protocols like Aave will need to reconsider their product design. The most attractive aspect of DeFi — the composability that allows users to earn passive income without active management — will indeed be impacted.

From another perspective, there is good news as well. The bill explicitly states that developers are not responsible for intermediaries, which is a real boon for innovators. Moreover, a key meeting is scheduled for January 16, and if progress goes smoothly, this could become the most critical regulatory catalyst for the crypto market this year. Whether it presents a challenge or an opportunity, the market will soon provide an answer.