According to cryptocurrency journalist Eleanor Terrett, the latest draft of the market structure bill from the U.S. Senate Banking Committee has incorporated feedback from stakeholders and lobbying groups. Key points include: Section 101 excludes 'ancillary assets' from the definition of securities, clarifying that staking and airdrops do not constitute securities, and prohibiting SEC enforcement actions or civil suits against tokens issued before the bill takes effect, provided there is no fraud involved; Section 504 establishes a securities law exemption for decentralized physical infrastructure networks (DePIN); Sections 501, 505, and 506 respectively preserve exemptions for DeFi, the Blockchain Regulatory Certainty Act, and protections for self-custody rights, continuing legal protections for software developers in decentralized systems; Sections 701 and 702 establish a joint advisory mechanism between the SEC and CFTC to coordinate digital asset policy-making and dispute resolution.

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