Hearing Avengers Assemble! Paradigm+Circle Storm SEC

The "trinity" of U.S. crypto regulation is racing toward the finish line, and the Agriculture Committee hearing will complete the final piece of the puzzle.

The Senate Agriculture Committee suddenly announced a digital commodities regulation hearing for next Tuesday, which is no coincidence.

This is a key move in the U.S. crypto regulation's "separation of powers":

The Banking Committee's July 9 hearing focuses on securities-type tokens, targeting exchange compliance.

The Agriculture Committee's hearing will focus on commodity attributes, delineating the CFTC's regulatory territory for Bitcoin, Ethereum, and others.

The White House task force (report due July 22) oversees the entire framework and builds cross-agency collaboration.

Why is it essential to hold a commodities regulation hearing at this moment?

Personal view:

This is essentially a correction of the "securities hegemony". When former SEC Chairman Gensler claimed that "99% of tokens are securities", commodity giants had already laid out billions in the Bitcoin futures market.

Misalignment in regulatory positions has hindered real demand.

A typical case is the lawsuit against KuCoin: the platform was accused of facilitating money laundering and illegal trading for failing to distinguish between commodity and securities tokens, resulting in a withdrawal of $400 million in user funds in a single day. If there had been clear classifications from the start, such systemic risks could have been avoided.

Looking at the Ripple case's split judgment: the court ruled that XRP sales to institutions are securities, but not for retail secondary trading. A one-size-fits-all regulation has completely failed in the face of on-chain mixed business models.

The deeper signal from the Agriculture Committee’s actions

Republican Senator Lummis previously joined Scott to release the "Principles for a Crypto Market Structure".

Allowing banks to custody crypto assets, opening traditional finance's entry channel.

Completing legislation by September 30 to compete with the EU's MiCA for global rule-making authority.

The hearing's choice to adopt a "stakeholder perspective" is also quite meaningful. Chainalysis (on-chain analysis), Paradigm (institutional capital), and Ripple (cross-border payments) are likely to make an appearance.

When Goldman Sachs starts trading BTC spot, the gates of Wall Street will truly be opened. The White House's July 22 policy report may ignite the fuse.

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