On August 8, CoinWorld reported that Dan Robinson, a general partner and research director at Paradigm, stated on Platform X that this week his team, along with Multicoin Capital, Chainlink, Electric Capital, Galaxy, Ribbit Capital, and Tribe Capital, sent a letter expressing their opinions on the cryptocurrency market structure legislation draft released by the Senate Banking Committee. On the critical issue of regulatory oversight of token securities, the Senate draft differs from the approach established by the House-passed (CLARITY Act). Paradigm believes that the Senate's 'ancillary asset' proposal is more favorable for the cryptocurrency industry. While both bills are preferable to the 'Howey Test' framework, which is difficult to apply and leads to counterproductive incentives, the Senate draft is more concise and avoids forcing decentralized tokens and protocols into a rigid framework. It includes an exclusion clause to prevent abuse, stating that assets with specific financial rights are not considered ancillary assets.