A key point in the draft of the Senate Banking Committee's market structure bill is that a certain type of 'Network Token' will not be considered a security under specific conditions. If a network token, by January 1, 2026, has already been the 'primary asset' of a compliant exchange-traded product (like ETF or ETP), then legally, that network token will be explicitly excluded from the definition of 'security.' Interpretation: This mainly refers to spot ETFs that have successfully launched. By January 1, 2026, the ETFs that have successfully launched include BTC, ETH, SOL, and even CME futures. It also includes DOGE, HBAR, LTC, and XRP (not sure if I missed any). If this bill passes, it means these cryptocurrencies will no longer be considered securities. @bitget VIP, lower fees, bigger perks