The Senate has circulated a draft of its version of market structure legislation, and it is markedly different than what the House offered — largely because there is so much less there. Why it matters: These two versions need to become one, setting up a clash of regulatory philosophies and strategic priorities — the House's broad framework that goes heavy on the details, or the Senate's that seems more designed to get passed. The big picture: Since the initial coin offering frenzy of 2017, the lingering question has been: Which blockchain assets count as securities, and which don't? • This is important, because ... (full story)