U.S. lawmakers rolled out a much anticipated digital assets bill yesterday, raising hopes that it will end what the crypto industry sees as an unfairly hostile regulatory environment. 

But some experts say the bill’s vague language, and in particular a provision that could threaten the DeFi market, won’t do much to hold back the SEC and its enforcement approach to crypto.

“I think that we’re working backwards if we’re bringing more ambiguity to what’s going on,” Billy Sebell, executive director of the XDC Foundation, told Decrypt.

Gabriel Shapiro, general counsel for Delphi Labs, said via Twitter that the House bill still leaves many assets used in DeFi exposed to being labeled a security by the SEC. 

It now includes a number of exemptions for what qualifies as a digital asset, but Shapiro said the language around the exemptions for what counts as security leaves many DeFi assets like liquidity staked tokens unprotected.

“It’s a backdoor DeFi prohibition,”he

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Author: Nicholas Morgan

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