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Divisions within the digital asset industry are creating uncertainty as the U.S. Congress aims to introduce a crypto market structure bill before its August recess. Despite months of industry proposals to policymakers, a lack of consensus on key regulatory frameworks now threatens to complicate the legislative process. A core disagreement centers on the applicability of the Howey Test—a legal standard from 1946 used to define securities—to digital assets. The Securities and Exchange Commission (SEC) has frequently used the Howey Test in enforcement actions against crypto firms, drawing criticism from many in the industry who argue it’s an outdated or inappropriate standard for this asset class. Related: Is the Howey Test Still Relevant? Ripple’s Alderoty Questions SEC’s Approach Four main legal approaches have surfaced. One perspective favors retaining the Howey Test for case-by-case assessments, supported by current SEC Commissioner Caroline Crenshaw and former SEC Internet Enforcement Chief John Reed Stark. Conversely, figures like newly appointed SEC Chairman Paul Atkins and several Republican lawmakers have criticized the existing framework, pushing for significant regulatory updates and a more innovation-friendly approach. Gaining traction among some crypto lawyers is the argument that digital asset transactions should only qualify as securities if explicitly tied to a written investment contract. This view often references arguments made during the Ripple legal case beginning in 2020, even though Ripple’s specific contract-based defense wasn’t fully adopted by the court. Another proposal, advocated by lawyers like Lewis Cohen of Cahill Gordon & Reindel, suggests a split approach using the “ancillary asset” framework. This model, sometimes leveraging existing legislative proposals like the Responsible Financial Innovation Act (RFIA), would treat initial token sales like securities offerings but potentially exempt subsequent secondary market trading from certain securities laws. A final viewpoint, backed by major players like a16z Crypto, Coinbase, and Optimism, argues that transactions occurring on sufficiently decentralized networks should be entirely excluded from securities regulations. This approach draws heavily on a 2018 speech by former SEC Director William Hinman regarding Ethereum’s status (often called the “Hinman Test” standard) and has been supported by Commissioner Hester Peirce. Proponents advocate for a formal “decentralization test” to distinguish public blockchain infrastructure from centrally managed token offerings. Related: US Congress Targets Crypto Bill by 2025: Pro-Crypto Senator Cynthia Lummis Drives Senate Agenda The House Financial Services Committee and the House Agriculture Committee are anticipated to release a draft market structure bill—potentially resembling last year’s FIT21 Act—imminently, ahead of a planned joint hearing on May 6th. Following its release, regulatory bodies like the SEC and CFTC would likely begin formal rulemaking procedures. Legal experts and industry groups across the crypto sector are already preparing extensive feedback through comment letters and public testimony. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will There Be a Bull Run? Yes, a bull run is likely approaching, expected between Q3 and Q4 of 2025. Key Reasons: 1. Halving Effect: $BTC halving occurred in April 2024. Historically, bull runs tend to follow within 12 months — as seen in 2013, 2017, and 2021. 2. ETFs and Institutional Adoption: Increased investment from institutions and ETF approvals strengthen long-term bullish momentum. 3. Market Structure: $BTC and major altcoins are forming higher highs and higher lows — a classic sign of an uptrend. 4. Liquidity Grab: Significant liquidity is being collected below previous highs — usually a precursor to a major breakout. 5. Global Sentiment: Confidence in fiat currencies is declining amid economic instability, driving more interest in crypto as an alternative. Final Advice: Don’t let the expectation of a bull run stop you from taking profits. Treat every profitable trade as your own mini bull run. Secure gains regularly and reinvest a portion into strong, use-case-driven altcoins for long-term holding

$TREAT price 0.009$!

Bitcoin just hit $94.8K, and the Fear & Greed Index sits at a neutral 51, an ideal moment to pause, breathe, and analyze the market without the noise of hype or panic. I’ve been thinking a lot about the BitcoinOS article lately. It makes a strong case for Bitcoin’s dominance through network effects liquidity, user base, developer ecosystem, and institutional trust. I get it, and I respect the foundation BTC has built. But here’s my take: this doesn’t have to be a winner-takes-all game. Yes, $BTC is the apex digital asset. But that doesn’t mean we have to treat every other blockchain as competition. We’re entering a phase where interoperability and collaboration could take the ecosystem to a new level. Chains like Ethereum, Solana, and even newcomers like Sui or Celestia bring unique strengths smart contracts, scalability, modularity that can complement Bitcoin rather than threaten it. We should be thinking beyond maximalism. What if Bitcoin serves as the settlement layer while other chains handle execution, experimentation, and niche use cases? Imagine a world where BTC’s security anchors a network of interoperable chains, each optimized for different applications. It’s not just idealistic; it’s practical. At $94.8K and with sentiment stable, now’s the time to think structurally. We don’t need to pick sides when collaboration could create exponential value. Instead of trying to replicate Bitcoin’s network effects, newer chains should integrate and enhance them. Maximalism had its moment, but the future belongs to those who build bridges, not walls.

When you treat cryptocurrency as a side hustle, you might be gambling your money or it only luck that can help you succeed on it. Rather when you take it as a carrier, a profession and a business , then you become more successful with it and on it. Follow me for daily signals and trending