🚨NEW: There’s an incomplete draft of the Senate Banking Committee’s market structure bill making the rounds ahead of the official release in the next few minutes that omits the section on stablecoin yield. What it does include: 📌Two small ethics provisions that fall under Banking’s jurisdiction, unlike most ethics language, which sits with other committees and won’t appear here or in the version expected within the hour. Notably, language relating to felony convictions on page 72 and insider trading on page 270. 📌A compromise between DeFi and TradFi appears to have been reached and is reflected in Section 601 on protecting software developers. Industry sources close to the negotiations tell me an outcome was reached this week after tense closed-door meetings last week. A major concern among TradFi players, particularly securities trade associations like SIFMA, was that DeFi protocols could be used to create regulatory arbitrage.(Eleanor Terrett)