The 278-page document attempts to categorize regulators' authority and the status of assets. It's strange that senators were given only 48 hours to study it before the hearings on Thursday...
The essence here lies in the long-awaited compromises, especially regarding stablecoins. The banking lobby has indeed pushed its interests, so providers will be prohibited from paying interest exclusively for holding stablecoins, to avoid competing with deposits.
It seems interesting to see how the classification of assets will turn out. Tokens of networks and coins already included in ETFs will automatically not be considered securities. This is positive for Solana ( $SOL ), $XRP and Chainlink ( $LINK ), which are now effectively removed from SEC scrutiny.
The text also included protection for DeFi developers, which Senator Cynthia Lummis actively advocated for.
The market reacted with growth. Maybe exactly on this particular point.
Although this has not been voted on yet.